One paper by Steven Haider and Gary Solon challenged the traditional estimation of this quantity using its current analog as a proxy. Joshua Angrist used CWHS data to study the impacts on this quantity from military service and draft avoidance behavior from the Vietnam War draft lottery. The parameter B in a model that Gary Becker created to estimate this quantity accounts for changes in physical and intellectual capability. Yoram Ben-Porath adapted that model to estimate this quantity into an individual (*) human capital production function, concluding that maximizing this quantity is equivalent to optimally investing in individual economic growth. Since the late 20th century, most labor economists have decomposed the growth of inequality in this quantity into persistent and transitory components. For 10 points, name this quantity that is, on median, 2.8 million dollars for holders of bachelor’s degrees. ■END■
ANSWER: lifetime earnings [accept career earnings; accept total lifetime income; accept descriptions that indicate how much money one makes in one’s life; reject “salary” or “annual income”]
<KJ, Social Science>
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