Rosen, Sherwin (1938–2001)
Sherwin Rosen made fundamental contributions in equilibrium theory, human capital theory, income distribution theory and investment theory. One characteristic feature of Rosen’s work is the minimal use of heterogeneity of individuals. His work explains price disparities, differential earnings, and investment cycles. Underlying differences in characteristics produce price differences. Human capital theory is enriched by characterization of accumulation beyond schooling. Skewed income distributions arise from outcomes of tournaments, superstars from economies of scale or hierarchical complementarities. Rational investment cycles occur when the capital stock is large relative to investment, and when the breeding stock is large relative to the overall stock.
KeywordsAgglomeration economy American Academy of Arts and Sciences American Economics Association Baby boom Compensating differentials Differentials Division of labour Earnings generating function Econometric Society Economies of scale Endogenous comparative advantage Equilibrium theory Fertility Game theory Giffen goods Hedonic models Human capital Income and consumption inequality Income distribution theory Information aggregation Investment cycles life-cycle earnings marginal rate of substitution Midwest Economic Association National Academy of Sciences non-convexity occupational choice optimal knowledge accumulation price differences Rosen, S. Roy model Society of Labor Economists superstars symmetric ignorance value of life
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