The Life Cycle in Economic History

J. R. Kearl and Clayne L. Pope

The Journal of Economic History, 1983, vol. 43, issue 1, 149-158

Abstract: The life cycles of income and wealth form important traces of the economic history of households. Comparisons of cross-sectional estimates of the age-wealth profiles from 1774 to 1962 reveal little change in the basic pattern although crosssectional age-income or earnings profiles peak later in modern periods because of the increased investment in human capital.The wealth-income ratio appears to be declining. Multivariate regressions for Utah households show wealth-income patterns consistent with a life cycle model based on smoothing of consumption with little interaction between age and other determinants of economic position. Foreign birth has a positive effect on income while reducing wealth.

Date: 1983
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