Persistent inequality when learning requires a minimal standard of living

摘要: This paper studies the persistence of wealth and utility inequality in a dynamicmodel skill acquisition with complete credit markets rational, perfectly altruistic,dynastic utility-maximization, when efficient learning requires minimal standardof living. The main result is that, if standard living not triviallysmall, at any stationary equilibrium without intergenerational mobility there are?poor?, unskilled ?rich?, skilled dynasties. Members rich dynasties inherit morefrom their parents than members poor former general acquireskill, while latter remain unskilled, - most importantly familiesalso enjoy strictly higher