Theoretical investigations on the medium-run and long-run relationship between economic growth and income distribution in unbalanced growth models

点击翻译按钮获取中文摘要

As an engine of economic growth as well as in the distribution of income that is the fruits of economic growth, the role of human capital accumulation has been increasing. Hence, constructing a growth model with human and physical capital accumulation, we have provided a policy rule that ensures the optimal resource allocation between human and physical capital. Also, we have pointed out that a skill-premium puzzle, which is characterized by an increase in income inequality withincreased skill-labor supply, takes place when the cost of human capital investment (or skill-acquisition cost) changes with technical progress. In addition, it is shown that an increase in uncertainty on human capital investment costs tends to fix inequality over generations.