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Can't We All Be More Like Scandinavians? Asymmetric Growth and Institutions in an Interdependent World
Acemoglu, Daron; Robinson, James A.; Verdier, Thierry - 2012
"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 …
Persistent link: https://www.econbiz.de/10012460215
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Capitalists in the Twenty-First Century
Smith, Matthew - 2019
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
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Civic Capital as the Missing Link
Guiso, Luigi - 2010
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 restrict social capital to the set of values and beliefs...
Persistent link: https://www.econbiz.de/10012462807
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A Model of Capital and Crises
He, Zhiguo - 2008
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
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Capitalism and Democracy in 2040 : Forecasts and Speculations
Fogel, Robert W. - 2007
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
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Why Doesn't Capitalism Flow to Poor Countries?
Tella, Rafael Di - 2007
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
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Occupational Choice and the Spirit of Capitalism
Doepke, Matthias - 2007
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
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Democratic Capital : The Nexus of Political and Economic Change
Persson, Torsten - 2006
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
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State Versus Private Ownership
Shleifer, Andrei - 1998
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
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Monetary Policy in the Capitals of Capital
Gerko, Elena - 2017
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