We study the constrained Pareto efficient allocations in a dynamic production economy in which the group that holds political power decides the allocation of resources. We show that Pareto efficient allocations take a quasi-Markovian structure and can be represented recursively as a function of...

Why do inefficient -- non-growth enhancing -- institutions emerge and persist? This paper develops a simple framework to provide some answers to this question. Political institutions determine the allocation of political power, and economic institutions determine the framework for policy-making...

Voters often dismantle constitutional checks and balances on the executive. If such checks and balances limit presidential abuses of power and rents, why do voters support their removal? We argue that by reducing politician rents, checks and balances also make it cheaper to bribe or influence...

The fraction of U.S. college graduate women entering professional programs increased substantially around 1970 and the age at first marriage among all U.S. college graduate women soared just after 1972. We explore the relationship between these two changes and how each was shaped by the...

This essay is the companion piece to about 550 individual data series on education to be included in the updated Historical Statistics of the United States, Millennial Edition (Cambridge University Press 2000, forthcoming). The essay reviews the broad outlines of U.S. educational history from...

Economic inequality is higher today than it has been since 1939, as measured by both the wage structure and wealth inequality. But the comparison between 1939 and 1999 is largely made out of necessity; the 1940 U.S. population census was the first to inquire of wage and salary income and...

We document that between 50% and 70% of changes in the US wage structure over the last four decades are accounted for by the relative wage declines of worker groups specialized in routine tasks in industries experiencing rapid automation. We develop a conceptual framework where tasks across a...

The impact of the pandemic on the employment, labor supply, and caregiving of women is assessed. Compared with previous recessions, that induced by COVID-19 impacted women's employment and labor force participation more relative to men. But the big divide was less between men and women than it...

This paper provides evidence from the US and Denmark that managers with a business degree ("business managers") reduce their employees' wages. Within five years of the appointment of a business manager, wages decline by 6% and the labor share by 5 percentage points in the US, and by 3% and 3...