Inequality and Growth: Why Differential Fertility Matters
提出不平等与增长的新理论联系：收入不平等扩大会加剧贫富生育率差异，使低教育家庭占比上升，从而降低平均教育水平和经济增长。
We develop a new theoretical link between inequality and growth. In our model, fertility and education decisions are interdependent. Poor parents decide to have many children and invest little in education. A mean-preserving spread in the income distribution increases the fertility differential between the rich and the poor, which implies that more weight gets placed on families who provide little education. Consequently, an increase in inequality lowers average education and, therefore, growth. We find that this fertility-differential effect accounts for most of the empirical relationship between inequality and growth.