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tradeoff between the efficiency gains from increasing the supply of practitioners of family and community medicine and the … resulted in a relatively small efficiency gains from training more productive medical school graduates in family and community … efficiency. Conclusions: Policies designed to increase the prestige and remuneration of practitioners of family and community …
Persistent link: https://www.econbiz.de/10013058604
We develop a dynamic model of trading and investment with limited aggregate resources to study investment cycles. Unverifiable idiosyncratic investment opportunities imply market prices to play a role of rent distribution, distorting private investment incentives from a social point of view....
Persistent link: https://www.econbiz.de/10013103789
Most wage-contracting models with rational expectations fail to replicate the persistence in inflation observed in the data. We argue that coordination problems and multiple equilibria are the keys to explaining inflation persistence. We develop a wage-contracting model in which workers are...
Persistent link: https://www.econbiz.de/10013218081
What is inequality in health? Are economists' standard tools for measuring income inequality relevant or useful for measuring it? Does income protect health and does income inequality endanger it? I discuss two different concepts of health inequality and relate each of them to the literature on...
Persistent link: https://www.econbiz.de/10013220524
In Fairness versus Welfare, we advance the thesis that social policies should be assessed based entirely on their … effects on individuals' well-being. This thesis implies that no independent weight should be accorded to notions of fairness … (other than many purely distributive notions). We support our thesis in three ways: by demonstrating how notions of fairness …
Persistent link: https://www.econbiz.de/10013232881
fairness to their consumers. The theory relies on two psychological assumptions. First, customers care about the fairness of …This paper proposes a theory of price rigidity consistent with survey evidence that firms stabilize prices out of … rigid. Embedded in a simple macroeconomic model, our pricing theory produces nonneutral monetary policy, a short …
Persistent link: https://www.econbiz.de/10012948083
redistribution. We study the dynamic evolution of different economies in which redistributive policies, perceptions of fairness …, inequality and growth are jointly determined. We show how including fairness explains various observed correlations between … inequality, redistribution and growth. We also show how different beliefs about fairness can keep two otherwise identical …
Persistent link: https://www.econbiz.de/10013149709
I suppose that consumers see a firm as fair if they cannot reject the hypothesis that the firm is somewhat benevolent towards them. Consumers that can reject this hypothesis become angry, which is costly to the firm. I show that firms that wish to avoid this anger will keep their prices rigid...
Persistent link: https://www.econbiz.de/10013230827
fairness to their consumers. The theory relies on two psychological assumptions. First, customers care about the fairness of …This paper proposes a theory of price rigidity consistent with survey evidence that firms stabilize prices out of … rigid. Embedded in a simple macroeconomic model, our pricing theory produces nonneutral monetary policy, a short …
Persistent link: https://www.econbiz.de/10014347525
One of the most important developments in the growth literature of the last decade is the enhanced appreciation of the role that the misallocation of resources plays in helping us understand income differences across countries. Misallocation at the micro level typically reduces total factor...
Persistent link: https://www.econbiz.de/10013130964