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and informal sector manufacturing firms in India, Indonesia, and Mexico, we document three facts. First, while there are a … from expanding. Third, we examine regulatory and tax notches in India, Indonesia, and Mexico of the sort often thought to …
Persistent link: https://www.econbiz.de/10013057395
Bangladesh, Chile, Ghana, Kenya, Mexico, Nigeria and Sri Lanka. We show that variation in business practices explains as much of …
Persistent link: https://www.econbiz.de/10013016653
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/10012758330
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/10012760039
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/10012761656
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/10012894999
, like Marx and Ricardo, in formulating general laws of capitalism to diagnose and predict the dynamics of inequality. We …
Persistent link: https://www.econbiz.de/10013039764
This review essay of the two-volume Cambridge History of Capitalism (2014), edited by Larry Neal and Jeffrey G … criticize the definition of capitalism used in these volumes as too expansive to be useful. I argue that this definition mars … the essays in first volume by stimulating a fruitless search for capitalism in the millennium before the Industrial …
Persistent link: https://www.econbiz.de/10013044351
In Capital in the 21st Century, Thomas Piketty uses the market value of tradeable assets to measure both productive capital and wealth. As a measure of wealth this is problematic because it ignores the value of human capital and transfer wealth, which have grown enormously over the last 300...
Persistent link: https://www.econbiz.de/10013029017
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/10012777611