Inequality and Markets: Some Implications of Occupational Diversity
研究了存在借贷约束的经济中，父母通过金融和教育遗赠影响子女职业选择，进而导致长期财富分配持续不平等，并发现教育平均回报随投资增加而上升，与人力资本边际报酬递减的常规假设相反。
This paper studies income distribution in an economy with borrowing constraints. Parents leave both financial and educational bequests; these determine the occupational choices of children. Occupational returns are determined by market conditions. If the span of occupational investments is large, long-run wealth distributions display persistent inequality. With a “rich” set of occupations, so that training costs form an interval, the distribution is unique and the average return to education must rise with educational investment. This finding contrasts with the usual presumption of diminishing returns to human capital. It is the central testable proposition of this paper.