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Economic Development, Wage Structure and Implicit Insurance on Human Capital
University of Wisconsin - Madison.
1992 (English)Report (Other academic)
Abstract [en]

This paper demonstrates how smaller wage differentials in the developed world are welfare-enhancing by providing implicit insurance on human capital, while larger wage differentials in underdeveloped countries exacerbate the problem of underinvestment in human capital. These results arise in a general equilibrium model when there are no markets to insure against different educational outcomes.

Place, publisher, year, edition, pages
Stockholm: IIES , 1992. , 24 p.
Seminar Paper / Institute for International Economic Studies, Stockholm University, ISSN 0347-8769 ; 512
Keyword [en]
economic development, wage differentials, return to education, implicit insurance
National Category
URN: urn:nbn:se:su:diva-41824OAI: diva2:337836
Published in connection with a visit at the IIES.Available from: 2010-08-09 Created: 2010-08-09 Last updated: 2010-08-09

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