Income Convergence in an Endogeneous Growth Model
构建了一个内生增长模型，其中人力资本在投资技术中的溢出效应使低人力资本者投资回报率更高，从而增长更快，解释了发达国家和美国区域间的收入趋同以及代际流动性。
An endogenous growth model is developed that produces convergence in per capita income and growth rates of output. Agents have identical preferences and access to identical technologies of production and investment, but differing levels of initial human capital. A spillover effect of human capital in the investment technology provides below-average human capital agents with a higher rate of return on investment than above-average human capital agents. Thus, below-average human capital agents grow faster than above-average human capital agents. This model explains income convergence of the developed world, regional income convergence within the United States, and intergenerational mobility. Copyright 1991 by University of Chicago Press.