摘要: We build a model of child labor and study its implications for welfare. assume that there is trade‐off between the accumulation human capital. Even if parents are altruistic socially inefficient, it may arise in equilibrium because fail to fully internalize negative effects. This occurs when bequests zero or capital markets imperfect. also effects simple ban on derive conditions under which be Pareto improving general equilibrium. show fertility ambiguous.
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