heterogeneity. When altruism heterogeneity is low, income inequality follows an inverse U-shaped pattern relative to the level of … altruism, which is consistent with the cross-country Kuznets curve. When altruism heterogeneity is high, income inequality … linking economic growth and income inequality. …

This paper examines the effect of wealth concentration on firms' market power when firm entry is driven by … entrepreneurs facing uninsurable idiosyncratic risks. Under greater wealth concentration, households in the lower end of the wealth … heterogeneous risk averse entrepreneurs competing to catch up with firms. This model is unique in that both household wealth …

If Piketty's main theoretical prediction (r>g leads to rising wealth inequality) is taken to its radical conclusion … transitional phase of increasing wealth inequality, which characterizes the current state of high-income countries: The wealth … share of capitalists rises to over 60%, the wealth-to-income ratio increases, and income inequality rises. Finally, we show …