g Heterogeneous Human Capital
Improvements in the Capital Market
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a₁ abler persons amount invested analysis approach assumed assumption average rate B₁ C₁ capital is accumulated constant elasticity cost of funds curves of funds decline demand conditions differences in capacities distributed and skewed distribution of earnings Distribution of Income earnings and investments economic efficiency egalitarian elasticities of supply elite equality of opportunity equation equilibrium example Figure financing costs greater Human capital invested income distribution increase inequality in earnings inheritance input investment in human investment period investors labor force period later investments less long-tailed distribution marginal benefits marginal cost marginal financing marginal rates measured earnings ment Michigan Michigan Constitution normal distribution optimal P₁ Personal Distribution persons investing physical capital positive correlation production progressive tax property income Public Administration rates of return reduce the inequality repayment schooling skewed distribution subsidies supply and demand supply curves Tawney tion total investment unequal and skewed unequally distributed