Our aim is to explore how wages inequalities translate into standard of living inequalities in different European countries. Wage inequalities are measured at the individual level. They can be increased or reduced by two institutions: the household and the tax-benefit system. Standards of living...

Our aim is to explore how wages inequalities translate into standard of living inequalities in different European countries. Wage inequalities are measured at the individual level. They can be increased or reduced by two institutions: the household and the tax-benefit system. Standards of living...

The socially optimal allocation has been regarded to be unspecifiable because of utility’s interpersonal incomparability, Arrow’s general possibility theorem, and other factors. This paper examines this problem by focusing not on the social welfare function but instead on the utility...

This paper examines the socially optimal allocation by focusing not on the social welfare function but instead on the utility possibility frontier in exogenous growth models with a heterogeneous population. A unique balanced growth path was found on which all of the optimality conditions of all...

This paper studies social welfare in a heterogeneous population under the criteria of efficiency and sustainable heterogeneity. As is well known, heterogeneity in time preference results in substantial inequality. This paper shows that, even if households have heterogeneous preferences, there is...