We investigate the accumulation of cognitive achievement using an indirect production function, estimated using a flexible, dynamic econometric model and a new, rich data set. Gaps between black and white children remain constant, narrow, or disappear entirely as children grow older, depending upon the achievement measure and the family structure. Income elasticities are substantially higher for children of black families, and there are some notable differences in elasticities with respect to parents’ educational levels. Within racial groups, the effects of fathers’ and mothers’ educational levels are different. Between children of stable two-parent families and children of mother-only families, a gap exists that is at least as important as the racial gap.
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