Conventional wisdom about the relationship between income distribution and economic development has been subjected to dramatic transformations in the past century. While Classical economists advanced the hypothesis that inequality is beneficial for economic development, the Neoclassical...

Conventional wisdom about the relationship between income distribution and economic development has been subjected to dramatic transformations in the past century. While classical economists advanced the hypothesis that inequality is beneficial for growth, the neoclassical paradigm dismissed the...

Many environmental standards are expressed in terms of intensity rather than absolute levels. In some cases, intensity standards are associated with credit trading markets to mitigate compliance costs of policy. I develop a jurisdictional model of credit trading under an intensity standard,...