What differentiates American capitalism from all other forms of industrial capitalism is a historical focus on both the creation of wealth (entrepreneurship) and the reconstitution of wealth (philanthropy). Philanthropy has been part of the implicit American social contract that continuously...

In a strong sense, corruption is an epidemic that coexists with anthropogenic moral structure and behavior. However, the impacts of institutional corruption can lead to distortions in business cycles and drastic damages to a country's collective economic and social performance. In this essay, we...

We argue that with interdependent utility functions growth can lead to a decline in total welfare of a society if the gains from growth are sufficiently unequally distributed in the presence of negative externalities, i.e., envy.

We argue that with interdependent utility functions growth can lead to a decline in total welfare of a society if the gains from growth are sufficiently unequally distributed in the presence of negative externalities, i.e., envy

This paper studies the pro-poor growth in the Latino American Andean countries. We first present different definitions of pro-poorness and the related methods in order to generate the statistically robust results for classes of pro-poor measures. Also, we present the non anonymous pro-poor...

It has been shown that higher capital taxes can have a growth-enhancing effect when combined with a revenue-compensating cut in wage taxes (Uhlig and Yanagawa 1996; European Economic Review 40, 1521-1540) or with an expansion in productivity-increasing public services (Rivas 2003; European Economic...