The name is absent



P rogenitors are distributed as in T able 1 accordingtoeducation and oc-
cupation.

N Q .

Q

marg. distr.

W

h (1 i °e;ng)

(1 i h)(1 i °eq)

1 i (1 i h) °e,g i h°eng

E ~~

h°eng

(1 i h) °⅛g

h°eng + (1 i h) °e,g

marg, distr.

h    ~

1 i h

1                ^

T able 1: progenitors’ occupational distribution.

3 DYNAMICS...

T he Ong- run e≈ ects of inequality depend on the hypothesis about the in-
tergencraιtιonal transmission Cftechnical inetdency In particular; ifthe
transmission ofentrepreneurialability is due only to genetics (i.e. itis un-
cP ected by stochastic shocks), dynamics are determined exclusively by each
progenitors characteristics (wealth and technical ineCdency), the long- run
distribution ofwealth is strictly dependent on initial conditions and there
Cxistmultiple equi libria. O n the other hand, iftechnical ineC dency has a
stochasticcomponentthe dynamics ofaccumulation ofwealth are a M arkov
P rocess. The lowerthe genetics, the higherthe probability, foreach genera-
tion, toconverge to any steady state. The long-run distribution is ergodic.

Each panel of...cu∣re1 sketches the accumulation fUncticns fcreach kind
ofprogenitor': non-cuaii..edworker∙; cμaii..edworker∙; non-c∣uali...edent∣∙epre-
neur, quali.ed entrepreneur.

G iven preferences and human capitalinvestment, the lawofmotion ofa
non-cuali.ed worker’s wealth is:

bt+ι = (1 i °) (ibt+ w)                    τtb2 2<(0,h) 1          (5)

°e;nq < °t 1

The lawofmotion ofa cuali.ed worker’s wealth is instead:

bt 2 (h, x)

'e,g < °t  ∙ 1


bt+ι = (1 i °) [i (bt i h) + w + ±h]

Iftheprogenitoris anon-cuali.edentrepreneur, thedynastyaccumulates
wealth accordingtothe followingecuation:

10



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