account (covering education and training), and a health account (covering insurance against sickness and disability). Instead … through payments from people?s welfare accounts. The government would be able to redistribute income across people?s welfare … health and education services, providing social safety nets and redistributing incomes more efficiently. …

physical capital in factor income and a low share of labor. In the neoclassical growth model with partial capital mobility …, physical capital?s share in factor income determines the difference in the predicted convergence rates for open and closed …

effects. Although our theory contains no money illusion, no permanent nominal rigidities, and no departure from rational …