Over the last 30 years, researchers have disputed the mixed evidence of the effect of the minimum wage on teenage employment in the United States. Whenever the minimum wage has positive or no effects on employment, they appeal to monopsony models to explain their results. However, very few of...

Chapter 1. Introduction -- Chapter 2. An Overall View of Concordian Economics -- Chapter 3. Concordian Economics: Tools to Return Relevance to Economics -- Chapter 4. From the Revision of Keynes’ Model to Economics for Physicists and Ecologists -- Chapter 5. From the Logic of Mainstream...

Chapter 1. Opening our Minds to Concordian Economics -- Part I. Intellectual Interdependence -- Chapter 2. Politics and Economics -- Chapter 3. The Interdependence of Economic Rights and Responsibilities -- Chapter 4. Peaceful March Toward Concordianism - With a Graceful Walk Away from 1%...

This paper analyzes the impact of aging on capital accumulation and welfare in a country with a sizable unfunded social security system. Using a two-period overlapping generation model with potentially endogenous retirement decisions, the paper shows that the type of aging, i.e. declining...

We analyze the interaction between risk sharing and capital accumulation in a stochastic OLG model with production. We give a complete characterization of interim Pareto optimality. Our characterization also subsumes equilibria with a PAYG social security system. In a competitive equilibrium...

We ask whether a PAYG-financed social security system is welfare improving in an economy with idiosyncratic and aggregate risk. We argue that interactions between the two risks are important for this question. One is a direct interaction in the form of a countercyclical variance of idiosyncratic...