Persistent inequality

• 成果类型: Article
• 署名作者: Mookherjee, D; Ray, D
• 署名单位: Boston University; New York University
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1111/1467-937X.00248
• 发表日期: 2003
• 页码: 369-393
• 关键词: income-distribution; dynamic optimization; convex technology; optimal-growth; WEALTH

摘要

When human capital accumulation generates pecuniary externalities across professions, and capital markets are imperfect, persistent inequality in utility and consumption is inevitable in any steady state. This is true irrespective of the degree of divisibility in investments. However, divisibility (or fineness of occupational structure) has implications for both the multiplicity and Pareto-efficiency of steady states. Indivisibilities generate a continuum of inefficient and efficient steady states with varying per capita income. On the other hand, perfect divisibility typically implies the existence of a unique steady state distribution which is Pareto-efficient.