Existing forecasts of a continuously rising income share of health spending (SHS) take per capita income growth and population aging as given. We develop a human capital-based endogenous growth model treating these variables as endogenously determined. In this private-economy setting, SHS has...

Conventional finance models treat risky‐asset prices as “fully (information) revealing.” Less work exists on how prices become information revealing. Our answer focuses on the micro foundations of information acquisition and the role of human capital in “asset management.” We derive...

By allowing for imperfectly informed markets but optimal private information acquisition, we offer new insights about observed variations in portfolio concentrations in domestic versus foreign risky assets, or “home bias,” and the degree to which home asset prices are “information...

Using an endogenous‐growth, overlapping‐generations framework in which human capital is the engine of growth, we trace the dynamic evolution of income and fertility distributions and their interdependencies over three endogenous phases of economic development. In our model, heterogeneous...