Das Human Kapital

19th century accumulation has gradually accumulation of human arg max Assumption A2 augment labour B₁ capital-labor ratio capital-skill complementarity Capitalists Capitalists-Workers class structure CEPR Policy Paper class society compulsory credit market imperfections demise Discussion Paper dynamical system early stages economic growth education system educational reforms efficiency units elite European class structure evolution of output existing class structure finance follows Goswell Road Green Hence ht+1 human capital accumulation human capital increases importance of human income redistribution individuals Industrial Revolution interval investment in human investment in public kt+1 labor scarcity Lemma literacy members of group offspring optimal tax outcome output per-worker paper argues physical capital accumulation political reforms primary education process of development Prussia public education rate of return ratio in period Regime return to human return to physical skills stages of development steady-state equilibrium subscription sustain their profit T₁ technical education transition units of labor Yt+1