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The Determinants of Earnings: A Behavioral Approach

Samuel Bowles¹; Herbert Gintis²; Melissa Osborne³

¹ Santa Fe Institute and University of Massachusetts. · ² University of Massachusetts and Santa Fe Institute. · ³ Towson University

We survey the determinants of earnings and propose a framework for understanding labor market success. We suggest that the advantages of the children of successful parents go considerably beyond the benefits of superior education, the inheritance of wealth, or the genetic inheritance of cognitive ability. We suggest that noncognitive personality variables, such as attitudes towards risk, ability to adapt to new economic conditions, hard work, and the rate of time preference affect both earning and the transmission of economic status across generations.

DOI

10.1257/jel.39.4.1137

Volume

39 (4)

Pages

1137-1176

Language

en

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