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The paper analyses the joint evolution of accumulation and distribution of human capital in an OLG framework. Dynamics arises from the interplay between human capital distribution and individual variables-inherited human capital and inborn ability. Such interaction drives individual investment in human capital and accumulation in the economy. According to initial distribution the model provides different...
Blacks have both lower employment rates and lower earnings than whites. Further, the earnings gap increases as workers age. This paper focuses on explaining differences in black/white earnings profiles and how government interventions work in a dynamic environment. Three contributions are made. Firstly, multiple equilibria may exist solely because of a coordination failure by firms. Even without taste...
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