Human Capital Theory and the Life-Cycle Pattern of Learning and Earning, Income and Wealth
نویسندگان
چکیده
Life-cycle patterns of income, earnings, consumption, labor supply, and wealth vary systematically across educational groups. Human capital theory explains different educational choices in terms of parameters describing tastes and technology. We ask whether differences in these parameters are also consistent with other patterns of behavior. Our preliminary findings suggest that no single form of parameter heterogeneity will be able to account for the joint behavior of life-cycle choices.
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