Individuals differ not only by gender and hair color, they also exhibit heterogeneities in various probably not fully genetically determined dimensions as personality, preferences and skills. Moreover, individuals live in different social environments and yield unequal life outcomes as health or...

Demographic change belongs to the mega-trends of the 20th and the 21st century. The ongoing aging process in major industrialized countries gives rise to the relative scarcity of raw labor and the relative abundance of physical capital. Standard macroeconomic models suggest that this depresses...