The national income and product accounts double-count investment, which enters once when it occurs and again in present value when the cumulated capital leads to more rental income. From the perspective of resources available intertemporally for consumption, the double-counting issue implies...

This paper updates and extends the work of Barro (2000). International data confirm the presence of the Kuznets curve-an inverse-U shape relationship between income inequality and per capita GDP-that is relatively stable from the 1960s into the 2000s. The direct effect of international openness...