Caselli, Francesco; Gennaioli, Nicola - In: Journal of the European Economic Association 3 (2005) 2-3, pp. 679-689
This paper studies a simple model of the talent-ownership mismatch-or failure of meritocracy-brought about by credit market imperfections that prevent the transfer of control over productive assets from the untalented rich to the talented poor. We present two main insights. First, there may be...
