A model of economic development with lumpy human capital accumulation
Aubhik Khan ()
No 943, 2008 Meeting Papers from Society for Economic Dynamics
At the household level, the model predicts very low rates of savings for poor households, and high level of intergenerational persistence in both wealth and education. Poverty is persistent across generations as poor households are unable to undertake the large investments in education that are necessary to move their children into the skilled labour force.
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