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dc.contributor.authorGalor, Odeden
dc.date.accessioned2012-05-08-
dc.date.accessioned2012-06-15T07:59:46Z-
dc.date.available2012-06-15T07:59:46Z-
dc.date.issued2012-
dc.identifier.piurn:nbn:de:101:1-2012042311232en
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
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x6328en
dc.subject.jelO10en
dc.subject.ddc330en
dc.subject.keywordinequalityen
dc.subject.keywordhuman capitalen
dc.subject.keywordgrowthen
dc.subject.keyworddevelopmenten
dc.subject.keywordcredit market imperfectionsen
dc.subject.stwEntwicklungstheorieen
dc.subject.stwUngleichgewichtiges Wachstumen
dc.subject.stwEinkommensverteilungen
dc.subject.stwBildungsinvestitionen
dc.subject.stwKreditmarkten
dc.subject.stwUnvollkommener Markten
dc.subject.stwTheorieen
dc.titleInequality, human capital formation and the process of development-
dc.typeWorking Paperen
dc.identifier.ppn715372335en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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