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h

bt+1 = (1 i °) qK (1 i °t) i i (x i bt)


bt2 (0;h)


' °t ∙ °e;nq


(7)


This equation and the correspondingfunction is parametrized tothe en-
trepreneurs evel Cftechnical ine£ dency sincethatis a pureentrepreneurial
quality.

Finaiy a cμaii...ed entrepreneur's Ciyrasty accumulates wealth according
tCthe fCllCwingequatiCn:

bt 2 (h; x)
0 ∙ °t ∙ ° e


°e;q

(8)


h

bt+1 = (1 i °) qK(1 i°t + h)  ii(x  ibt + h)

A lsCin this case each functiCn is parametrized tCa speci.clevelCftech-
nical in∈¢d∈rcy.

T he eccncmys structural parameters determine diπ erent long- run sce-
narios (see .cures 1 ). Each scenario corresponds to diπ erent Cccupationial
structure ofthe population in each generation.

T he transmission mechanism Oftechnical ine¢dency ...naly a3ects the
evolution ofthe distribution ofincome and wealth and the evolution ofthe
occupationalstructure ofthe population.

11



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