This paper offers an explanation for observed differences across countries in educational policies and in resulting interpersonal distributions of human capital. We analyze a general-equilibrium model in which, as a result of the apportionment of natural ability, nurturing, and publicly financed...

This paper studies the relation between inequality and welfare in a general- equilibrium model in which people can choose to be either producers or preda- tors. We assume some people (the privileged) are well endowed with human capital and other people (the unprivileged) are poorly endowed with...

This paper offers an explanation for observed differences across countries in educational policies and in resulting interpersonal distributions of human capital. We analyze a general-equilibrium model in which, as a result of the apportionment of natural ability, nurturing, and publicly financed...

This paper studies the relation between inequality and welfare in a general- equilibrium model in which people can choose to be either producers or preda- tors. We assume some people (the privileged) are well endowed with human capital and other people (the unprivileged) are poorly endowed with...