Social Sciences
4 years ago

Inequality fuels growth in early stages, equality drives progress in later.

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The Review of Economic Studies
From Physical to Human Capital Accumulation: Inequality and the Process of Development
Oded Galor, Omer Moav

Paper Summary

The article discusses how the shift from physical to human capital accumulation drives economic growth during development. In the past, inequality boosted growth by directing resources to savers. But now, equality helps overcome barriers to human capital growth, fueling development.

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