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Ryo Horii, Koichi Futagami and Akiomi Kitagawa
 
''Investment efficiency and intergenerational income distribution: a paradoxical result''
( 2004, Vol. 15 No.2 )
 
 
Using a simple overlapping generations model, this note shows that an improvement in the efficiency of human capital investment decreases the net income of the young household while increasing that of the old. Without compensating redistribution, it deteriorates lifetime utilities of all generations except for the initial old households.
 
 
Keywords: human capital
JEL: O4 - Economic Growth and Aggregate Productivity: General
 
Manuscript Received : Nov 11 2004 Manuscript Accepted : Nov 11 2004

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