Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/58992
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dc.contributor.authorGalor, Odeden_US
dc.date.accessioned2012-05-08en_US
dc.date.accessioned2012-06-15T07:59:46Z-
dc.date.available2012-06-15T07:59:46Z-
dc.date.issued2012en_US
dc.identifier.piurn:nbn:de:101:1-2012042311232-
dc.identifier.urihttp://hdl.handle.net/10419/58992-
dc.description.abstractConventional wisdom about the relationship between income distribution and economic development has been subjected to dramatic transformations in the past century. While classical economists advanced the hypothesis that inequality is beneficial for growth, the neoclassical paradigm dismissed the classical hypothesis and suggested that income distribution has limited role in the growth process. A metamorphosis in these perspectives has taken place in the past two decades. Theory and subsequent empirical evidence have demonstrated that income distribution has a significant impact on human capital formation and the development process. In early stages of industrialization, as physical capital accumulation was a prime engine of growth, inequality enhanced the process of development by channeling resources towards individuals whose marginal propensity to save is higher. In later stages of development, however, as human capital has become a main engine of growth, equality, in the presence of credit constraints, has stimulated human capital formation and growth. Moreover, unequal distribution of land has been a hurdle for economic development. While industrialists have had an incentive to support education policies that foster human capital formation, landowners, whose interests lay in the reduction of the mobility of their labor force, have favored policies that deprived the masses of education.en_US
dc.language.isoengen_US
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen_US
dc.relation.ispartofseries|aDiscussion Paper series, Forschungsinstitut zur Zukunft der Arbeit |x6328en_US
dc.subject.jelO10en_US
dc.subject.ddc330en_US
dc.subject.keywordinequalityen_US
dc.subject.keywordhuman capitalen_US
dc.subject.keywordgrowthen_US
dc.subject.keyworddevelopmenten_US
dc.subject.keywordcredit market imperfectionsen_US
dc.subject.stwEntwicklungstheorieen_US
dc.subject.stwUngleichgewichtiges Wachstumen_US
dc.subject.stwEinkommensverteilungen_US
dc.subject.stwBildungsinvestitionen_US
dc.subject.stwKreditmarkten_US
dc.subject.stwUnvollkommener Markten_US
dc.subject.stwTheorieen_US
dc.titleInequality, human capital formation and the process of developmenten_US
dc.typeWorking Paperen_US
dc.identifier.ppn715372335en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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