This paper proposes an econometric methodology to deal with life cycle earnings and mobility among discrete earnings classes. First, we use panel data on male log earnings to estimate an earnings function with permanent and serially correlated transitory components due to both measured and...

The purpose of this paper is to outline a set of conditions under which human wealth is an index of well-being in a life cycle as prefatory to empirical estimates earnings and human wealth distributions for the1960 Census population