into the reach of many more consumers. That in turn has potentially large welfare effects. We find that the consumer … can be at least as important for welfare and productivity as the invention of new products. …

workers have the same probability of being hired. We argue that selective hiring crucially affects welfare analysis. Our model … predictions of the model change very little, but the welfare costs of unemployment are much larger because unemployment risk is … distributed unequally across workers. As a result, optimal unemployment insurance may be higher and welfare is lower if hiring is …

). The question arises on the ex-ante welfare implications when the game is played by participants that vary in terms of …

We show that the welfare of a representative consumer can be related to observable aggregate data. To a first order …, the change in welfare is summarized by (the present value of) the Solow productivity residual and by the growth rate of … welfare across countries, with both variables computed as log level deviations from a reference country. These results hold …

This paper evaluates the global welfare impact of observed levels of migration using a quantitative multi-sector model … differences, international trade, remittances, and a heterogeneous workforce. We compare welfare under the observed levels of … short run the impact of migration on average welfare in these countries is close to zero, while the skilled and unskilled …

of assets and ignore the index number problem, the new measure correctly reflects the changes in the welfare of …

We study the effects of German unification in a model with capital accumulation, skill differences and a welfare state …. Absent a welfare state, we observe an investment boom, depressed output and employment conditions. Capital owners and high …-skilled agents are willing to give up to 4% of per-capita consumption to favor unification. When a welfare state exists the …

Welfare is a rather vague term whose meaning depends on ideology, values and judgments. Material resources are just … transversal policies that consider health and other welfare goals, the short term and long-term implications and intergenerational … health care systems the welfare states will fail to consolidate and the overall economic wellbeing could be in serious …