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The rise of China is no doubt the most important event in world economic history since the Industrial Revolution. The institutional theory of development based on a dichotomy of extractive vs. inclusive political institutions cannot explain China’s rise. This article argues that only a radical...
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model of endogenous growth. We find the complete annuitization of agents' wealth is not, in general, dynamically optimal …
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using a model of household demand for liquid wealth. The model is a dynamic generalization of the almost-ideal demand model …
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This article describes the changes in the concentration of wealth among U.S. households between 1983 and 1992, a period … which nearly coincides with the most recent business cycle. The distribution of wealth has received popular attention … wealth and wealth per household increased over the cycle; rich and poor households enjoyed an approximately equal gain, in …
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