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  • Latín American Journal of Economics
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  • Pontificia Universidad Católica de Chile
  • Latín American Journal of Economics
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INCOME AND WEALTH DISTRIBUTION WITH PHYSICAL AND HUMAN CAPITAL ACCUMULATION: EXTENDING THE UZAWA-LUCAS MODEL TO A HETEROGENEOUS HOUSEHOLDS ECONOMY

Author
ZHANG,WEI-BIN

Full text
https://scielo.conicyt.cl/scielo.php?script=sci_arttext&pid=S0719-04332013000200005
Abstract
This paper proposes a dynamic economic model with wealth accumulation and human capital accumulation with endogenous education. In addition to learning by education like in the Uzawa-Lucas model, we also consider Arrow's learning by producing and Zhang's learning by consuming (creative learning) in the human capital accumulation equation. We simulate the model to demonstrate the existence of equilibrium points and motion of the dynamic system. We also examine how effects of changes in the propensity to receive education, the population, the propensity to save, and the education sector's total productivity will alter the paths of the economic dynamics.
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Discipline
Artes, Arquitectura y UrbanismoCiencias Agrarias, Forestales y VeterinariasCiencias Exactas y NaturalesCiencias SocialesDerechoEconomía y AdministraciónFilosofía y HumanidadesIngenieríaMedicinaMultidisciplinarias
Institutions
Universidad de ChileUniversidad Católica de ChileUniversidad de Santiago de ChileUniversidad de ConcepciónUniversidad Austral de ChileUniversidad Católica de ValparaísoUniversidad del Bio BioUniversidad de ValparaísoUniversidad Católica del Nortemore

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