This paper constructs a heterogenous agent model of endogenous distribution and growth. When the labor leisure choice of agents is exogenous, the factor holding ratios of households converges to a mass point that is independent of the initial distribution of capital in the steady state. There is...

We study the effect of capital controls on the level of investment in human capital and the resulting growth path of an economy. The economy consists of two groups of agents based on the ownership of factors of production. One type of agents - called workers - own human capital and bequeath...

The ratio of Indian to US per capita output over the past 45 years has displayed a distinctive "V"-shaped pattern. We show that a strikingly similar V-shaped pattern is visible not just in aggregate output .figures, but also as the primary determinant of long-term movements in the...

Chapter 1: Overview of the 2 Sector Mahalanobis Model -- Chapter 2: Critiques of the 2 Sector Mahalanobis Model -- Chapter 3: A Stochastic Version of the 2 Sector Mahalanobis Model -- Chapter 4: Open Economy Extensions of the 2-sector Mahalanobis Model -- Chapter 5: Overview of the 4 Sector...