By Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky
This is often the 3rd of 3 volumes containing edited models of papers and commentaries offered in invited symposium periods of the 8th international Congress of the Econometric Society. The papers summarize and interpret fresh key advancements and talk about destiny instructions in quite a lot of issues in economics and econometrics. The papers conceal either concept and functions. Written through top experts of their fields those volumes supply a special survey of development within the self-discipline.
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Extra resources for Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress, Volume III (Econometric Society Monographs)
Under these assumptions, the equation representing the evolution of wealth for 38 39 However, this model is consistent with divergence across countries: Those countries that have a better ﬁnancial system, and therefore a lower m, will grow faster. This claim does depend in an important way on the fact that there is only one type of investment. Mookherjee and Ray (2000) show that, if there are many alternative types of investment and the economy needs all of them, long-run inequality may be inevitable in a world of imperfect capital markets, even if all the individual technologies are convex and people are forward looking in their savings decisions.
The convex model predicts a slow and steady rise for all the poor, which culminates in their catching up with the rich (or if there is no convergence, they still become very, very rich). The mobility in the model with nonconvexities, by contrast, comes from those who are either very talented or very lucky. 41 This difference also shows up in the shape of the long-run distributions. In the convex model, most people in the long run will be middle class, with some outliers who are either very lucky or very unlucky.
At the beginning of her life, she chooses among income earning opportunities. Her choices will be either to invest in a productive opportunity or to lend out the money. The exact technology of production will be discussed later, but it could be thought of as either investing in learning a skill, starting a business, or even patenting or promoting a new idea. At the end of the period, the person decides on what to do with her realized income, which consists of her investment earnings plus an endowment e – she can leave it to her child or eat it herself.
Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress, Volume III (Econometric Society Monographs) by Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky