It is well-known that individuals born in different periods of time (cohorts)exhibit different wealth accumulation paths. While previous studies have usedcohort dummies to proxy for this fact, research in this area suffers from aserious identification problem, i.e., how to disentangle age, time,...

This article studies the ratio of the rates of profit and growth, in a growing economy, as a function of the average productivity of capital. It is shown that, if the savings rate and also the distribution of income between wage and profit are constant, the ratio mentioned remains constant or...