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Specific Investments and Nonlabor Income
Glenn M. MacDonald
The Bell Journal of Economics
Vol. 13, No. 1 (Spring, 1982), pp. 225-233
Published by: RAND Corporation
Stable URL: http://www.jstor.org/stable/3003444
Page Count: 9
You can always find the topics here!Topics: Income distribution, Human capital, Economic capital, Capital investments, Investment income, Net income, Steady state economies, Opportunistic behavior, Entrepreneurs, Net investment
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In an economy with firm-specific human capital, it is shown that (i) a distribution of nonlabor income will generally induce a distribution of net returns to specific investments; (ii) at the individual level nonlabor income and net returns will be positively related over some range and unrelated otherwise; and (iii) the distribution of net returns is more concentrated than that of nonlabor income
The Bell Journal of Economics © 1982 RAND Corporation