expropriation. In a dynamic setting, market payoffs may induce sufficient inequality in next period's endowments for markets to … alternate with expropriation in a limit cycle, decreasing efficiency and amplifying macroeconomic fluctuations. Long run …Economic institutions determine prospects for growth and development. This paper examines necessary conditions for an …

efficiency and amplifying macroeconomic fluctuations, depends on social mobility, initial inequality, and the mismatch between …Economic institutions determine prospects for growth and development. In this paper a condition on the primitives … to coalitional expropriation. More equally distributed power and higher congruence of land and power favor stable markets …

expropriation. In a dynamic setting, market payoffs may induce sufficient inequality in next period's endowments for markets to … alternate with expropriation in a limit cycle, decreasing efficiency and amplifying macroeconomic fluctuations. Long run …Economic institutions determine prospects for growth and development. This paper examines necessary conditions for an …

Institutions determine prospects for economic growth and development. This paper collapses potentially complex … assigned to the skilled or to the powerful, i.e.\ by coalitional expropriation or by markets. The model finds two different … types of limit behavior: a sequence of stable markets and a limit cycle where markets and expropriation alternate. More …

In this paper we analyse a growth model where agents have different factors' endowments and form coalitions to produce … output. Economic growth is the result of accumulation of human capital. The latter is a by-product of production activity … lower long-run growth rate. …

Output fluctuations are driven by expectations about the degree of competition in the product market (and R&D sector … severer, (iii) the amplitude of fluctuations becomes larger, (iv) the variance of output changes ambiguously, indicating a non …-linear relation. Once the growth of labour productivity is endogenised with learning-by- doing, it grows faster in contraction if the …