Technology change is modeled as the result of decisions of individuals and groups of individuals to adopt more advanced technologies. The structure is calibrated to the U.S. and postwar Japan growth experiences. Using this calibrated structure we explore how large the disparity in the effective...

Technology change is modeled as the result of decisions of individuals and groups of individuals to adopt more advanced technologies. The structure is calibrated to the U.S. and postwar Japan growth experiences. Using this calibrated structure we explore how large the disparity in the effective...

Introduction -- A dual economy -- The FTE sector -- The low-wage sector -- Transition -- Race and gender -- The investment theory of politics -- Preferences of the very rich -- Concepts of government -- Mass incarceration -- Public education -- American cities -- Personal debts -- Conclusions...