Income Ranking and convergence with physical and human capital and income equality

Zhang, J. (2005) Income Ranking and convergence with physical and human capital and income equality. Journal of Economic Dynamics and Control, 29 3: 547-566. doi:10.1016/j.jedc.2004.03.004

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Author Zhang, J.
Title Income Ranking and convergence with physical and human capital and income equality
Journal name Journal of Economic Dynamics and Control   Check publisher's open access policy
ISSN 0165-1889
Publication date 2005-03
Sub-type Article (original research)
DOI 10.1016/j.jedc.2004.03.004
Volume 29
Issue 3
Start page 547
End page 566
Total pages 20
Editor C. Chiarella
C. H. Hommes
W. J. Den Haan
Place of publication Netherlands
Publisher Elsevier
Collection year 2005
Language eng
Subject C1
340102 Macroeconomic Theory
720199 Macroeconomic issues not elsewhere classified
Abstract This paper presents an overlapping generations model with physical and human capital and income inequality. It shows that inequality impedes output growth by directly harming capital accumulation and indirectly raising the ratio of physical to human capital. The convergence speed of output growth equals the lower of the convergence speeds of the relative capital ratio and inequality, and varies with initial states. Among economies with the same balanced growth rate but different initial income levels, the ranking of income can switch in favor of those starting from low inequality and a low ratio of physical to human capital, particularly if the growth rate converges slowly. (C) 2004 Elsevier B.V. All rights reserved.
Keyword Economics
growth
convergence
income inequality
human capital
savings
Endogenous Growth
Model
Q-Index Code C1

Document type: Journal Article
Sub-type: Article (original research)
Collections: Excellence in Research Australia (ERA) - Collection
2006 Higher Education Research Data Collection
School of Economics Publications
 
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Created: Wed, 15 Aug 2007, 07:28:15 EST