make the economy less stable at the aggregate level. As in Nelson and Winter (1982), firms differ in their labor … explain the key results. Optimal selectivity is larger, the less "cobweb unstable" the economy, i.e. the more elastic the …

century. We propose an explanation for these facts which is based on a dynamic political economy model where redistribution is …

social insurance. We describe a model economy in which demographics, technology, and social security are linked together. We … study an economy with two locations (sectors), the farm (agricultural) and the city (industrial). The decision to migrate … economy is consistent with the historical transformation in the United States. Initially a majority of voters live on the farm …

Beginning in the late 1970s, China's economy delivered the largest growth spurt in recorded history. Striking … "China miracle" that requires neither economic nor historical analysis. This overlooks deep institutional constraints arising … decentralized innovation. Historic legacies that shape political structures and individual behavior will continue to influence China …