Inequality, Human Capital Formation, and the Process of Development

Oded Galor

Chapter Chapter 5 in Handbook of the Economics of Education, 2011, vol. 4, pp 441-493 from Elsevier

Abstract: Conventional 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 economic development, the Neoclassical paradigm, which had subsequently dominated the field of macroeconomics, dismissed the Classical hypothesis and promoted the viewpoint that the study of income distribution has no importance for the understanding of macroeconomic activity and 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 the growth process.

Keywords: Education; Gender Gap; Human Capital; Income Distribution; Inequality; Development; Unified Growth Theory (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (33)

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Related works:
Working Paper: Inequality, Human Capital Formation and the Process of Development (2012)
Working Paper: Inequality, Human Capital Formation and the Process of Development (2011)
Working Paper: Inequality, Human Capital Formation and the Process of Development (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:educhp:4-441

DOI: 10.1016/B978-0-444-53444-6.00005-5

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