Showing 1 - 10 of 50
This paper offers an explanation for observed differences across countries in educational policies and in resulting interpersonal distributions of human capital. We analyze a general-equilibrium model in which, as a result of the apportionment of natural ability, nurturing, and publicly financed...
Persistent link: https://www.econbiz.de/10012472405
This paper shows how predation breaks the links between an economy's aggregate resourceendowment and aggregate consumption and between the interpersonal distribution of endowments and the interpersonal distribution of consumption. We construct a general-equilibrium model in which some people...
Persistent link: https://www.econbiz.de/10012472512
This paper studies the relation between inequality and welfare in a general- equilibrium model in which people can choose to be either producers or preda- tors. We assume some people (the privileged) are well endowed with human capital and other people (the unprivileged) are poorly endowed with...
Persistent link: https://www.econbiz.de/10012473134
This paper incorporates the economic theory of predation into the theory of economic growth. The analytical framework is a dynamic general-equilibrium model of the interaction between two dynasties, one of which is a potential predator and the other is its prey. Each generation of each dynasty...
Persistent link: https://www.econbiz.de/10012473512
This paper explores a series of general-equilibrium models in which people can choose to be either producers or predators, and in which producers can allocate their resources either to production or to guarding their production against predators. The analysis shows how the ratio of predators to...
Persistent link: https://www.econbiz.de/10012471640
This paper focuses on the problem of formulating an analysis of economic policy that is consistent with rational expectations. Cooley, LeRoy,and Raymon show that the Lucas and Sargent strategy for econometric policy evaluation is itself vulnerable to the logic of the Lucas critique. The present...
Persistent link: https://www.econbiz.de/10012477709
Non-market-clearing models continue to dominate analysis of macroeconomic fluctuations and discussions of macroeconomic policy. This situation is remarkable because non-market-clearing assumptions seem to be inconsistent with the essential presumption of neoclassical economic analysis that...
Persistent link: https://www.econbiz.de/10012478094
The main objective of this paper is to understand and to evaluate recently expressed popular anxiety about large American fiscal deficits. The paper begins with a discussion of problems involved in measuring the fiscal deficit. A general conclusion is that all interesting measures of the federal...
Persistent link: https://www.econbiz.de/10012478173
This paper analyzes the intertemporal efficiency and optimality of steady states within overlapping-generations models in which the utility of individual working couples , depends on the consumption of their parents and children as well as their own consumption. The analysis considers both a...
Persistent link: https://www.econbiz.de/10012478423
This paper considers the possible employment effects of reforming minimum-wage policy to incorporate indexation of the nominal minimum wage .The analysis assumes that both the demand for the labor services of minimum-wage workers and the setting of the nominal minimum wage rate under existing...
Persistent link: https://www.econbiz.de/10012478468