In response to technological change, U.S. corporations have been investing more in intangible capital. This … is that the creation of intangibles is largely achieved by human capital investment and requires lower upfront outlays …. Firms can self-finance the retention of human capital by granting deferred equity compensation. Interestingly, retaining …

We present a theory of human capital, with its two most essential components, health capital and, what we term, skill … capital, endogenously determined within the model. Using the theory, and a calibrated version of it, we uncover and highlight … an important economic mechanism driving human-capital formation, socio-economic and health disparities, human-capital …

is a counteracting effect: an increase in the stock of human capital reduces the return to human capital and, therefore …, pre-tax income inequality decreases.We consider a Walrasian world with perfect capital and insurance markets. Hence, in … the absence of a strive for redistribution, the market generates the efficient level of investment in human capital. When …

decisions is a Pareto-equilibrium. Nowadays most of capital supply stems from individual and institutionalised pension savings …. For ease of exposition we will assume that individual and collective pension savings are the only source of capital supply …. When capital supply equals demand from industry there is equilibrium on the capital market with a corresponding equilibrium …