Dur, Robert A. J.; Teulings, Coen N. - 2003 - This version: June 2003
is a counteracting effect: an increase in the stock of human capital reduces the return to human capital and, therefore … the absence of a strive for redistribution, the market generates the efficient level of investment in human capital. When … ingredient of a second-best optimal redistribution policy. Stimulating human capital formation results in a compression of the …