## Human capital and the life-cycle of earnings |

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_ m+r 2m+r ABCD and KLMNP ABHG age-earnings profiles age-investment Alan Blinder assumptions capital production function CATHERWOOD LIBRARY Comparative Dynamics concave wage function current income decreasing function discount du/dE equilibrium dynamics exponential decay g(ut given value high-w individuals higher future human capital accumulation human capital production implies intersect ABCD intersect the q investment in human kind of productivity KLMN labor supply life-cycle of earnings locus intersects m+r)A marginal benefit marginal cost marginal productivity Mathematical Appendix model predicts Moreover Note path period of specialization point H portion positive constant productivity increase q axis q plane q space rate of marginal region ABCDHG rental Sheshinski shown in Fig similar to Type stock of human strictly concave SW model tangent throughout the region trajectories are negative-sloped trajectories are positive-sloped transversality condition Turnpike Type 6 trajectory unit of human value of q/(E+A w(A+E Weiszacker Yt rises