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Inequalities with Racial Human Capital Externalities

In: The General Economic Theory

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  • Wei-Bin Zhang

    (Ritsumeikan Asia Pacific University)

Abstract

The chapter proposes a general equilibrium growth model with wealth and human capital accumulation in a dynamic multi-race economy. Coexistence of multiple races in the same labor and goods markets is common in modern economies. There is no proper theoretical treatment of income and wealth distribution in endogenous growth theories on the issue. Marx’s theory on capital accumulation is too simplified to understand processes of complexity of income and wealth distribution between heterogeneous households. In Capital in the Twenty-First Century, Piketty examines issues related to wealth accumulation and income and wealth distribution. He collects many interesting data across many countries, but without a profound analytical framework. This chapter focuses on how racial differences in preferences and knowledge accumulation affect national economic growth and racial income and wealth distributions.

Suggested Citation

  • Wei-Bin Zhang, 2020. "Inequalities with Racial Human Capital Externalities," Springer Books, in: The General Economic Theory, chapter 0, pages 93-101, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-56204-5_5
    DOI: 10.1007/978-3-030-56204-5_5
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