We propose an overlapping generations model with three social classes to investigate the effects of higher education on the evolution of inequality. Initially, no social class invests in higher education, and inequality is driven by wealth accumulation/bequests. Once the rich surpass a certain income threshold, they invest in higher education and their children's incomes start to grow faster. Over time, the middle class and, potentially, the poor follow suit. Overall, this framework provides a candidate explanation for (i) the U‐shaped evolution of income inequality, (ii) the fall and rise of inheritance flows, and (iii) differential investments in higher education.

中文翻译：

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20世纪收入不平等的U型：教育的作用*

我们提出了一个具有三个社会阶层的重叠世代模型，以研究高等教育对不平等现象演变的影响。最初，没有社会阶层对高等教育进行投资，而且不平等是由财富积累/遗赠驱动的。一旦富人超过一定的收入门槛，他们就投资于高等教育，而子女的收入开始更快地增长。随着时间的流逝，中产阶级甚至穷人也将效仿。总体而言，该框架为（i）收入不平等的U形演变，（ii）继承流动的兴衰以及（iii）高等教育的差异投资提供了候选解释。