Income and Wealth Distribution with Physical and Human Capital Accumulation: Extending the Uzawa-Lucas Model to a Heterogeneous Households Economy
Wei-Bin Zhang ()
Latin American Journal of Economics-formerly Cuadernos de Economía, 2013, vol. 50, issue 2, 257-287
This paper proposes a dynamic economic model with wealth accumulation and human capital accumulation with endogenous education. In addition to learning by education like in the Uzawa-Lucas model, we also consider Arrow’s learning by producing and Zhang’s learning by consuming (creative learning) in the human capital accumulation equation. We simulate the model to demonstrate the existence of equilibrium points and motion of the dynamic system. We also examine how ef fects of changes in the propensity to receive education, the population, the propensity to save, and the education sector’s total productivity will alter the paths of the economic dynamics.
Keywords: Learning by producing; learning by consuming; learning by education; wealth and income distribution; heterogeneous households (search for similar items in EconPapers)
JEL-codes: I2 O41 (search for similar items in EconPapers)
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Latin American Journal of Economics-formerly Cuadernos de Economía is currently edited by Raimundo Soto
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