Discounting the utilities of future generations in many problems, such as climate-change analysis, has several justifications, only one of which can be supported by ethics which postulate that every individual, no matter when born, has an equal right to well-being. That justification is that...

Despite the growing prominence of theoretical analysis of inequality of opportunity over the past twenty years, empirical work towards the normative evaluation of real-world policies has been minimal. This paper seeks to address this issue. It proposes a normative framework to model the...

We calibrate a sequence of four nested models to study the dynamics of wealth accumulation. Individuals maximize a utility function whose arguments are consumption and investment. They desire to accumulate wealth for its own sake – this is not a life-cycle model. A competitive firm produces a...

The CNN exit polls after the 2004 election rated ‘moral values’ the most important issue; next came ‘jobs and the economy.’ Eighty percent of the voters who rated moral values the most important issue voted for Bush while eighty percent of the voters who rated jobs and the economy the...

We report here a summary of our recent research on the effect that the race issue, in the United States, and the immigration issue in European countries, is having on the degree of redistribution and the size of the public sector that is implemented through political competition. We model...