Can income equality be combined with high economic efficiency and rapid economic growth? Fortunately, we need not to answer such a general question. Indeed, the question is poorly phrased. The relationship between income and wealth distribution, on one hand, and efficiency/growth, on the other,...

This paper considers a class of growth models with idiosyncratic human capital risk and private information about individual effort choices (moral hazard). Households are infinitely-lived and have preferences that allow for a time-additive expected utility representation with a one-period...

This paper considers a class of growth models with idiosyncratic human capital risk and private information about individual effort choices (moral hazard). Households are infinitely-lived and have preferences that allow for a time-additive expected utility representation with a one-period...

This paper aims to present the factors that determine the economic growth nowadays, in the globalization era. From geography and climate to innovation and training, these factors diversified depending on the evolution of the economy and economic thought. Because of enhanced mobility as a result...

In this article, we survey the theoretical literature investigating the role of gender inequality in economic development. The vast majority of theories reviewed suggest that gender inequality is a barrier to development, particularly over the long run. Among the many plausible mechanisms...

This article compares the performance of the UK economy since 1997 with that between 1979 and 1997 and with the performance of the other G7 economies in both periods. It concludes that Britain has done relatively well in terms of productivity growth, economic growth and national income per head...

This paper examines regional and institutional influences on the determinants of long-term economic growth in the OECD. We construct a growth equation based on the new growth model of Barro with a catch-up variable, total investments, total tax revenues exclusive social security benefits,...

This paper studies China's four-fold increase in per capita GDP relative to the U.S. between 1995 and 2019. First, we argue that China's growth pattern is very similar to that of several other East Asia economies that initially grew very quickly. Second, we show that a minimalist...

The fundamental importance of economic institutions for economic growth through their impact on technological change has long been argued by Schumpeter and others. Recent empirical studies have reconfirmed such arguments. However, our understanding of the impacts of economic institutions on R&D...

We review evidence on the Great Moderation together with evidence about volatility trends at the micro level to develop a potential explanation for the decline in aggregate volatility since the 1980s and its consequences. The key elements are declines in firm-level volatility and aggregate...