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Title:Inequality, human capital formation and the process of development PDF Logo
Authors:Galor, Oded
Issue Date:2011
Series/Report no.:Working Paper, Brown University, Department of Economics 2011-7
Abstract:Conventional 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 economic development, the Neoclassical paradigm, which had subsequently dominated the field of macroeconomics, dismissed the Classical hypothesis and promoted the viewpoint that the study of income distribution has no importance for the understanding of macroeconomic activity and 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 the growth process.
Subjects:Education
Gender Gap
Human capital
Income distribution
Inequality
Development
Unified Growth Theory
JEL:O10
Document Type:Working Paper
Appears in Collections:Working Papers, Department of Economics, Brown University

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