Human Capital and the Personal Distribution of Income: An Analytical Approach

ability accumulated additional amount invested analysis approach assumed assumption average B₁ benefits C₁ capacities capital invested capital market considerably constant correlation costs decline demand curves depend determinants developed differences discussed distributed and skewed distribution of earnings dollar earnings and investments economic effect efficiency egalitarian elasticities elite equal equation example explain favorable Figure financing force function funds given greater higher human capital identical implies important income distribution increase inequality inequality in earnings inheritance input interest investment in human investment period investors kinds larger latter less marginal rates measured ment Michigan negatively normal objective opportunities optimal partly persons physical capital positive production profits property income rates of return receive reduce relatively result rise schooling segmentation selection shows smaller standards subsidies supply and demand supply curves tend theory tion unequal and skewed unequally distributed United University usually