This paper studies the distributive effects of growth when different agents' income is drawn from accumulated and non-accumulated factors of production in different proportions, notes that political interactions may contribute to determine factor shares and growth when income sources are...

This chapter reviews various interactions between the distribution of income across individuals and factors of production on the one hand, and aggregate savings, investment, and macroeconomic growth on the other. Tractable models necessarily focus on specific causal channels within this complex...

We consider an economy where individuals privately choose effort and trade competitively priced securities that pay off with effort-determined probability. We show that if insurance against a negative shock is sufficiently incomplete, then standard functional form restrictions ensure that...

We consider an economy where individuals privately choose effort and trade competitively priced securities that pay off with effort-determined probability. We show that if insurance against a negative shock is sufficiently incomplete, then standard functional form restrictions ensure that...