In this paper we investigate the impact of a reduction in the pension replacement rate on the schooling choice and on inequality. We develop an overlapping generations model in which individuals differ by their life expectancy and in the cost of attending schooling. Individuals optimally choose...

"This book discusses the origins of wealth inequality and explains how societies can reform to avoid the catastrophe of inequality-induced social breakdown. It develops a theoretical and practical understanding of the principles behind the concept of ownership and of property, complete with...