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Persistent link: https://www.econbiz.de/10000563668
How important is human capital at the top of the U.S. income distribution? A primary source of top income is private "pass-through" business profit, which can include entrepreneurial labor income for tax reasons. This paper asks whether top pass-through profit mostly reflects human capital,...
Persistent link: https://www.econbiz.de/10012479398
This chapter reviews the recent debate about the role of social capital in economics. We argue that all the … difficulties this concept has encountered in economics are due to a vague and excessively broad definition. For this reason, we …
Persistent link: https://www.econbiz.de/10012462807
We develop a model in which the capital of the intermediary sector plays a critical role in determining asset prices. The model is cast within a dynamic general equilibrium economy, and the role for intermediation is derived endogenously based on optimal contracting considerations. Low...
Persistent link: https://www.econbiz.de/10012464283
While the economies of the fifteen countries that were in the European Union (EU15) in 2000 will continue to grow from now until 2040, they will not be able to match the surges in growth that will occur in South and East Asia. In 2040, the Chinese economy will reach $123 trillion, or nearly...
Persistent link: https://www.econbiz.de/10012465470
corruption, which is more widespread in poor countries, reduces more the electoral appeal of capitalism than that of socialism … externality since the existence of corrupt entrepreneurs hurts good entrepreneurs by reducing the electoral appeal of capitalism …
Persistent link: https://www.econbiz.de/10012465489
The British Industrial Revolution triggered a reversal in the social order of society whereby the landed elite was replaced by industrial capitalists rising from the middle classes as the economically dominant group. Many observers have linked this transformation to the contrast in values...
Persistent link: https://www.econbiz.de/10012465739
We study the joint dynamics of economic and political change. Predictions of the simple model that we formulate in the paper get considerable support in a panel of data on political regimes and GDP per capita for about 150 countries over 150 years. Democratic capital -- measured by a nation's...
Persistent link: https://www.econbiz.de/10012466494
costs must be strong. In essence, this is the case for capitalism over socialism, explaining the dynamic vitality' of free … the role of prices under socialism and capitalism and ignored the enormous importance of ownership as the source of …
Persistent link: https://www.econbiz.de/10012472146
The importance of financial markets and international capital flows have increased greatly since the 1990s. How does this affect the effectiveness of monetary policy? We analyse the transmission of monetary policy in two important financial centres, the United States and the United Kingdom....
Persistent link: https://www.econbiz.de/10012455031