We calibrate a sequence of four nested models to study the dynamics of wealth accumulation. Individuals maximize a utility function whose arguments are consumption and investment. They desire to accumulate wealth for its own sake – this is not a life-cycle model. A competitive firm produces a...

We study how rich shareholders can use their economic power to deregulate firms that they own, thus skewing the income distribution towards themselves. Agents differ in productivity and choose how much labor to supply. High productivity agents also own shares in the productive sector and thus...

We study how rich shareholders can use their economic power to deregulate firms that they own, thus skewing the income distribution towards themselves. Agents differ in productivity and choose how much labor to supply. High productivity agents also own shares in the productive sector and thus...

This paper develops the Marxian theory of value and exploitation for an economy where workers are exploited at different rates due to discrimi nation which is independent of their productivity. The purpose of the paper is to begin an analysis of the formal structure underlying Marxian concepts...

Discounting the utilities of future generations in many problems, such as climate-change analysis, has several justifications, only one of which can be supported by ethics which postulate that every individual, no matter when born, has an equal right to well-being. That justification is that...

Despite the growing prominence of theoretical analysis of inequality of opportunity over the past twenty years, empirical work towards the normative evaluation of real-world policies has been minimal. This paper seeks to address this issue. It proposes a normative framework to model the...