This paper analyses the effects of disease and war on the accumulation of human and physical capital. We employ an overlapping-generations frame-work in which young adults, confronted with such hazards and motivated by old-age provision and altruism, make decisions about investments in schooling...

This paper combines the Aiyagari/Huggett–type standard incomplete markets model with the Arrow/Romer approach to growth to analyze feedback effects between growth and inequality, both endogenously determined in equilibrium. We derive conditions on existence/ nonexistence of balanced growth...

In an overlapping generations model with finite lifetimes sustained growth is possible if there is a positive risk of death. A redistribution occurs when non-altruistic parents leave unintended bequests to their children

Part I: Facts, Definitions, and Goals -- 1. People: Human Beings in Space and Time -- 2. Prosperity -- 3. From Economic Growth to Sustainability -- 4. A Changing Economic Scenario -- Part II: Theories of Economic Development and Growth -- 5. Production and Distribution of Wealth: The Founding...