distribution and growth, as well as the relevant empirical evidence. The first model integrates the political-economy and imperfect … capital markets theories. It allows for departures from perfect democracy and embodies the trade-off between the growth costs … savings incentives and ameliorate the wealth constraints that impede investment by the poor. The second model is a growth …

-faire ideology and blind faith in the invisible hand. With public-sector capital, this interplay of beliefs and institutions leads to …

for missing credit and insurance markets. The resulting tradeoffs for growth and efficiency are explored, both … to higher income growth than taxes and transfers, but at the cost of lower insurance. Overall efficiency is assessed …

, which provides an integrated framework for analysing the local determinants of inequality and growth. Five main conclusions … resulting from individual residential decisions can be quite inefficient, both from the point of view of aggregate growth and in … richer communities; thus average academic performance and income growth both fall. Yet it may still be possible for education …

This paper examines how economic stratification affects inequality and growth over time. It studies economies where …-wide linkages (complementary skills, knowledge spillovers). It compares growth and welfare when families are stratified into … slower growth in the short run, but to higher output or even productivity growth in the long run. This trade-off occurs in …