A stylized fact of Indian economic history since 1950 is that the rate of growth of the economy has accelerated periodically and across policy regimes. In this paper we present a mechanism that can account for this behaviour in terms of cumulative causation through positive feedback. We write...

Available evidence suggests high intergenerational correlation of economic status,and persistent disparities in health status between the rich and the poor. This paper proposes a novel mechanism linking the two. We introduce health human capital into a two-period overlapping generations model....

This paper provides an explanation for the observed persistence in income inequality across households in terms limited parental altruism. We postulate that the degree of parental altruism is 'limited' by the financial status of the parent. A poor parent not only has less ability, but also has...

This paper analyses the contribution of teachers in a public education system and its implication for growth. We focus exclusively on two teacher-specific inputs (teacher quality and teacher quantity), and two student-specific inputs (ability and effort). We argue that all these factors enter...

Available evidence suggests high intergenerational correlation of economic status, and persistent disparities in health status between the rich and the poor. This paper proposes a novel mechanism linking the two. We introduce health human capital into a two-period overlapping generations model....

This Paper develops a dynamic, theoretical model of demand for money under decreasing marginal impatience (DMI).Given certain conditions, the steady state is shown to be saddle-path stable and unique. It is shown that, under DMI, an increase in income inequality increases the aggregate demand...