Journal
JOURNAL OF DEVELOPMENT ECONOMICS
Volume 69, Issue 1, Pages 205-226Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/S0304-3878(02)00059-7
Keywords
wealth inequality; occupational choice; poverty traps
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We analyze a simple and tractable model of occupational choice in the presence of credit market imperfections. We examine the effect of parameters governing technology and transaction costs, and history, in terms of the initial wealth distribution, in determining the long-term wealth distribution and the level of per capita income of an economy. (C) 2002 Elsevier Science B.V. All rights reserved.
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