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Inequality and Economic Growth: The Perspective of the New Growth Theories
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This paper analyzed the relationship between inequality and economic growth from two directions, showing that when capital markets are imperfect, there is not necessarily a trade-off between equity and efficiency, and provided an explanation for two recent empirical findings, namely, the negative impact of inequality and the positive effect of redistribution upon growth.Abstract:
We analyze the relationship between inequality and economic growth from two directions. The first part of the survey examines the effect of inequality on growth, showing that when capital markets are imperfect, there is not necessarily a trade-off between equity and efficiency. It therefore provides an explanation for two recent empirical findings, namely, the negative impact of inequality and the positive effect of redistribution upon growth. The second part analyzes several mechanisms whereby growth may increase wage inequality, both across and within education cohorts. Technical change, and in particular the implementation of "General Purpose Technologies," stands as a crucial factor in explaining the recent upsurge in wage inequality.read more
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Liminal living at an extended stay hotel: Feeling "stuck" in a housing solution.
TL;DR: In this paper, the authors draw from data qualitatively collected via semi-structured interviews from ten low-income residents living in an extended-stay hotel and present descriptions of these residential experiences along with recommendations for social workers practicing with families in this liminal situation.
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Does globalization reduce poverty? Some empirical evidence for the developing countries
Enrico Santarelli,Paolo Figini +1 more
TL;DR: In this paper, the effect of globalization on poverty in the developing world is discussed and the empirical evidence on the relationship between globalization and within-country poverty in developing countries is reviewed.
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Total Factor Productivity, Per Capita Income and Social Divergence
TL;DR: This article introduced the concept of social divergence, defined as the social barriers to communication and exchange between individuals and groups within a society, and analyzed its impact on total factor productivity and per capita income.
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Integration of Transport and Trade Facilitation: Selected Regional Case Studies
TL;DR: In this article, the authors examine experiences of interrelated transport and trade integration in selected regional trade blocs, ranging from advanced systems (Europe and North America) to more nascent efforts (Southern Africa and South Asia).
References
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Report SeriesDOI
Initial conditions and moment restrictions in dynamic panel data models
Richard Blundell,Stephen Bond +1 more
TL;DR: In this paper, two alternative linear estimators that are designed to improve the properties of the standard first-differenced GMM estimator are presented. But both estimators require restrictions on the initial conditions process.
The mechanics of economic development
Abstract: This paper considers the prospects for constructing a neoclassical theory of growth and international trade that is consistent with some of the main features of economic development. Three models are considered and compared to evidence: a model emphasizing physical capital accumulation and technological change, a model emphasizing human capital accumulation through schooling, and a model emphasizing specialized human capital accumulation through learning-by-doing.
Journal ArticleDOI
Legal Determinants of External Finance
TL;DR: The authors showed that countries with poorer investor protections, measured by both the character of legal rules and the quality of law enforcement, have smaller and narrower capital markets than those with stronger investor protections.
Journal ArticleDOI
An Exploration in the Theory of Optimum Income Taxation
TL;DR: In this paper, the authors make the following simplifying assumptions: (1) Intertemporal problems are ignored; (2) the tax system that would bring about that result would completely discourage unpleasant work; and (3) what such a tax schedule would look like; and what degree of inequality would remain once it was established.
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Income Distribution and Macroeconomics
Oded Galor,Joseph Zeira +1 more
TL;DR: The authors analyzes the role of wealth distribution in macroeconomics through investment in human capital and shows that the initial distribution of wealth affects aggregate output and investment both in the short and in the long run, as there are multiple steady states.
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