I study the allocation of human capital in an economy with production externalities, financial constraints and career … choices. Agents choose to become entrepreneurs, workers or financiers. Entrepreneurship has positive externalities, but … education subsidies are chosen optimally, I find that the financial sector should be taxed in exactly the same way as the non …

tax revenue is more than enough to pay for public abatement R&D. Second, tax distortions and externalities substantially …

Externalities play a central role in most theories of economic growth. We argue that international externalities, in … have international knowledge externalities. When calibrated, the hybrid model does a surprisingly good job of generating …

between the environment and individual well-being. First, in explicitly recognizing how optimizing behavior, particularly in …