"cutthroat capitalism" that generates greater inequality and more innovation and will become the technology leaders, while others … will free- ride on the cutthroat incentives of the leaders and choose a more "cuddly" form of capitalism. Paradoxically … equilibrium, it is not a best response for the cutthroat capitalists to switch to a more cuddly form of capitalism. We also show …

Economics has firms maximizing value and people maximizing utility, but firms are run by people. Agency theory concerns … the mitigation of this internal contradiction in capitalism. Firms need charters, regulations and laws to restrain those …

with disdain for work. We propose an economic theory of preference formation where both the divergence of attitudes across … social classes and the ensuing reversal of economic fortunes are equilibrium outcomes. In our theory, parents shape their …

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 …

may weaken capitalism itself. In the US a decade of slow growth has increased protectionist tendencies in international … private capitalism to government-dominated economy more likely …

We propose a dynamic theory of financial intermediaries that are better able to collateralize claims than households …