[Using Kendrick's recently published data on human and nonhuman wealth in the United States, log-linear money demand functions of the "partial adjustment" variety are estimated by introducing in each nonhuman, total, or human wealth as the scale or the "constraint" variable. It is found that the long-run elasticity of money demand with respect to nonhuman wealth is somewhat larger than that with respect to total wealth, and the elasticity with respect to human wealth is the lowest. Such a structure in the elasticities is observed consistently, although differences between the elasticities are not large and perhaps not statistically significant.]

Journal Article Role of Education in Production: A Slightly New Approach Get access Rati Ram Rati Ram Washington State University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 95, Issue 2, September 1980, Pages 365–373, https://doi.org/10.2307/1885505 Published: 01 September 1980

Fairly recent data for about one hundred countries indicate that as the average level of schooling increases, educational inequality first increases and, after reaching a peak, starts declining in later phases of educational expansion. The turning point occurs when average schooling is about seven years. The observed empirical generalization, which seems quite robust, appears to have important implications for educational and distributional policies and for research on the linkage between education and income inequality.