political power decides the allocation of resources. We show that Pareto efficient allocations take a quasi-Markovian structure … and can be represented recursively as a function of the identity of the group in power and updated Pareto weights. For … disappear and labor supply and consumption levels fluctuate over time. The labor supply of groups that are not in power are …

theoretical results are summarized in a number of propositions. We discuss the implications of the theory, comment on its relation …

and others in specialization. Our theory throws light on the nature of hierarchy, the optimal degree of decentralization …

system, and second, that presidents have more power with respect to their own coalition than prime ministers do. These … setting power to another group. We argue that the model is consistent with a great deal of qualitative information about …

unanticipated) changes in the distribution of political power and in economic structure. We focus on the Markov Voting Equilibria …, which require that economic and political changes should take place if there exists a subset of players with the power to … institutions as well as individual types can be ordered, and preferences and the distribution of political power satisfy natural …

We develop a theory of sweat equity—the value of business owners' time and expenses to build customer bases, client … lists, and other intangible assets. We discipline the theory using data from U.S. national accounts, business censuses, and … owners or standard measures of business total factor productivity (TFP). We use our theory to show that abstracting from …

of private industry and for non-durable manufacturing industries display a wide range of monopoly power …

States became apparent. The measurement of this productivity improvement depends on hedonic procedures adopted by the Bureau …