top 10 percent account for almost half of income and two-thirds of wealth. In other words, the rich played a critical role … rich followed a similar pattern, the result of wealth effects associated with a boom-bust in asset prices. Indeed, the …

.S. consumption as a share of income since the 1980s. Combining econometric and simulation analysis, we estimate that this departure … current level, as the saving rate rises to around 6 percent of disposable personal income (from nearly 5 percent in 2009 …

entrepreneurs innovate—in the Schumpeterian sense—in order to bring about structural changes in the economy. The conclusion …

This paper shows that the behavior of entrepreneurs facing incomplete financial markets and risky investment can … uninsurable risk of losing invested capital forces entrepreneurs to rely on self-financing, so that when business opportunities … open up entrepreneurs increase saving to finance the investment that produces growth. The key insight is that saving has to …

the competition among entrepreneurs (“intensive growth”). As a result, the growth rate could be increasing in the middle …