In a well-known paper on the structure of development, Leontief (1963) showed that a country's degree of economic development could be assessed by the relative completeness of its economic structure. This pattern of development is modelled in this paper. Within a context of international trade,...

We discuss how different models assessing climate change integrate aspects of structural change that are crucial to improve understanding of the relation between changes in the environment and in the economy. We identify six related aspects of structural change, which have significant impact on...

This essay revisits the economic theory of fiduciary law. Nearly two decades have passed since the publication of the seminal economic analyses of fiduciary law by Cooter and Freedman (1991), and by Easterbrook and Fischel (1993), which together have come to underpin the prevailing economic,...

In a neglected work of 1964, Kuznets summarized some of the emerging results of his monumental work on Modern Economic Growth (MEG) and used them to speculate on diversity, interdependence, war, conflict, and cooperation among nations. It was an unusual Kuznets study ‐ speculative rather than...

This paper studies the efficiency with which physical capital can be reallocated across sectors. It presents a model of a firm selling specialized capital in a thin resale market. The model predicts that the selling price depends not only on the sectoral specificity of capital, but also on the...

The large shift of U.S. employment from goods producers to service producers has generated concern over future income distribution, because of perceived large relative pay differences. This paper applies a nonparametric density overlap statistic to compare the sectors distribution of full-time,...

There is now considerable evidence that a range of institutional, legal, cultural, political and religious variables determine financial development. But economists have conjectured that the presence of diversification opportunities in the real economy can also shape the development of the...

Die Arbeit beschäftigt sich mit der Frage, ob Kompensationszahlungen an die Verlierer der Transformation zu einer Verminderung des Konfliktes zwischen ihnen und den Gewinnern führen können. Eine Lösung des Konfliktes ist essentiell für die Weiterführung des Reformprozesses in den...

The implications of status preference in a simple open economy model will be investigated in this paper. The open economy is modeled as a continuum of identical representative agents who have preferences over consumption and status. In the paper status is identified as relative wealth, which...