Theories based on partial equilibrium reasoning alone cannot explain the widespread negative cross-sectional correlation between parental wages and fertility, without restrictive assumptions on preferences and childcare costs. We argue that incorporating a dynamic general equilibrium analysis of...

This paper studies income distribution in an economy with borrowing constraints. Parents leave both financial and educational bequests; these determine the occupational choices of children. Occupational returns are determined by market conditions. If the span of occupational investments is...

When human capital accumulation generates pecuniary externalities across professions, and capital markets are imperfect, persistent inequality in utility and consumption is inevitable in any steady state. This is true irrespective of the degree of divisibility in investments. However,...

This paper introduces endogenous fertility into a model of occupational choice, and studies its steady states. Three main results are obtained. First, despite the presence of both income and substitution eects in fertility choice, general equilibrium eects operating via endogenous wages in...

If we are to learn the right lessons from the tragedy ofNandigram, then we must ensure that the government is involvedin the land acquisition process and that we correctly deal withthree sets of issues: the size and form of compensation, theeligibility for compensation and the credibility of the...

During the last two decades West Bengal has led the rest of the country with regard to agricultural performance andimplementation of panchayat institutions. But these developments have begun to level out. At the same time the state hasfallen behind in other sectors – industry, higher education...

When human capital accumulation generates pecuniary externalities across professions, and capital markets are imperfect, persistent inequality in utility and consumption is inevitable in any steady state. This is true irrespective of the degree of divisibility in investments. However,...