, moreover, were by far the most important secondary and tertiary sources of Gilded Age fortunes: entrepreneurs started in many …

capital and wealth. As a measure of wealth this is problematic because it ignores the value of human capital and transfer …In Capital in the 21st Century, Thomas Piketty uses the market value of tradeable assets to measure both productive … wealth, which have grown enormously over the last 300 years. Thus the constancy of the wealth/income ratio as portrayed in …

, generating wealth effects independent of financing constraints, (2) non-pecuniary entrepreneurs select into small scale firms, (3 …The non-pecuniary benefits of managing a small business are a first order consideration for many nascent entrepreneurs … paper, we study a population with varying entrepreneurial tastes and wealth in a simple general equilibrium model of …

time--total returns to the largest, but oft ignored, component of household wealth, housing. The annual data on total …

significant scale economies and that those big firms led to a dearth of entrepreneurial human capital across several generations …

, where education increases the level of entrepreneurship. Human capital spillovers occur at the city level because skilled …

investors. We find that entrepreneurs take advantage of such rules when the cost of capital is low, as in Britain in the early … entrepreneurs have been stymied by their investors. In this paper, we use a simple model to explore how outcomes might have been … different if entrepreneurs, instead of the investors, had control of their firms. We also explore the importance of legal rules …

reallocation of capital across sectors is costly. The two-sector model leads to a richer array of possible responses of aggregate …