Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/184767
Authors: 
Dutt, Amitava Krishna
Veneziani, Roberto
Year of Publication: 
2017
Series/Report no.: 
Working Paper 816
Abstract: 
A simple classical-Marxian model of growth and distribution is developed in which education transforms low-skilled workers into high-skilled ones and in which high-skilled workers save and hold capital, therefore receiving both high-skilled wages and profit income. We analyze the implications for class divisions, growth and distribution, of the transformation of the modern capitalist economy from one in which the main class division is between capitalists who own capital and workers who only receive wage income into one in which education and human capital play a major role. We show than an expansion in education can have a positive effect on growth but by altering the distribution of income rather than by fostering technological change, and that it yields some changes in income distribution and the class structure of the capitalist economy, but need not alter its fundamental features.
Subjects: 
Education
Human capital
Workers' savings
Growth
Distribution
JEL: 
E2
E11
O41
I24
Document Type: 
Working Paper
Social Media Mentions:

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