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Convergence, Inequality and Education in the Galor and Zeira Model

Lea Cassar ()

Rivista di Politica Economica, 2007, vol. 97, issue 6, 229-254

Abstract: This short paper analyses a simple extension to the model of Galor and Zeira (1993). I show that the result of club convergence holds under a much more continuous and much more realistic assumption of the education function. In order to achieve this result, the hypothesis of a fixed cost in education assumed in the original model has been replaced by the assumption that individuals can choose exactly how much to invest. It is also assumed that this investment positively affects the productivity of the individual which, in turn, influences his salary.

JEL-codes: D31 D63 I20 O47 (search for similar items in EconPapers)
Date: 2007
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Handle: RePEc:rpo:ripoec:v:97:y:2007:i:6:p:229-254