The Life Cycle in Economic History
研究了1774年至1962年间家庭收入和财富的生命周期模式，发现基本形态变化不大，但现代时期收入峰值因人力资本投资增加而推迟，财富收入比呈下降趋势。
The life cycles of income and wealth form important traces of the economic history of households. Comparisons of cross-sectional estimates of the age-wealth profiles from 1774 to 1962 reveal little change in the basic pattern although crosssectional age-income or earnings profiles peak later in modern periods because of the increased investment in human capital.The wealth-income ratio appears to be declining. Multivariate regressions for Utah households show wealth-income patterns consistent with a life cycle model based on smoothing of consumption with little interaction between age and other determinants of economic position. Foreign birth has a positive effect on income while reducing wealth.