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Dynamic Interactions Between Health, Human Capital and Wealth
This paper proposes a dynamic economic model with health, human capital and wealthaccumulation with elastic labor supply. The economic system consists of one industrial,one health, and one education sector. Our model is a synthesis of four main modelsin economic theory: Solow’s one-sector neoclassical growth mode, the Uzawa-Lucastwo sector model, Arrow’s learning by doing model, and Grossman’s growth modelwith health. The model also includes Zhang’s idea about creative leisure or learningby consuming. Demand and supply of health service and education are determined bymarket mechanism. The model describes dynamic interdependence among wealth,health, human capital, economic structure, and time distribution among work, healthcaring, and education under perfect competition. We simulate the model and examineeffects of changes in the propensity to consume health caring, the efficiency ofproducing health caring, the propensity to receive education, and the propensity to save.
Journal Article
The Racial Wealth Gap and the Role of Firm Ownership
This paper develops an overlapping generations model that isolates the impact of the US racial wealth gap in 1962 on the long-run dynamics of wealth. The model predicts that one component of the initial gap, firm ownership, coupled with the intergenerational transfer of that ownership results in a permanent wealth gap independent of other dimensions of inequality. This implies that even if all discrimination against Black Americans had ceased upon the end of Jim Crow, the wealth gap would have persisted without a reparations policy addressing the fact that the initial firm ownership gap arose in the first place.
Journal Article
The star principle : how it can make you rich
\"Star business are ventures operating in a high-growth sector-and are the leaders in their niche market. Stars are rare. But with the help of this book and a little patience, you can find one--or create one yourself. This is a vital book for any budding entrepreneur or investor. It is also invaluable for any ambitious employee who realises the benefits of working for a Star venture -- real responsibility, fast personal development, better pay, great bonuses and valuable share options ...\"--Page 4 of cover.
Book
Capital wealth taxation as a potential remedy for excessive capital wealth inequality
In this paper, it is first shown that a simple model of inheritance and chance, neither of which involve entrepreneurial or other productive contributions on the part of the capital owner, is quite successful in predicting the empirical capital wealth distribution in the United States as indicated by data taken from the 2004 Survey of Consumer Finances. To the extent that an extremely high level of capital wealth inequality does not play an essential role in maintaining effort incentives and economic prosperity, the possibility of reducing it via taxation becomes more attractive. Estate taxation has been in existence for a long time, but model simulations suggest that while it can slow the rise of capital wealth inequality from an initial condition of perfect equality, once capital wealth inequality has reached a high level, it is ineffective in reducing this level. However, further model simulations indicate that even a relatively modest rate of annual capital wealth taxation can be highly effective toward this end.
Journal Article
After Piketty : the agenda for economics and inequality
Thomas Piketty's Capital in the Twenty-First Century is the most widely discussed work of economics in recent history, selling millions of copies in dozens of languages. But are its analyses of inequality and economic growth on target? Where should researchers go from here in exploring the ideas Piketty pushed to the forefront of global conversation? A cast of economists and other social scientists tackle these questions in dialogue with Piketty, in what is sure to be a much-debated book in its own right. After Piketty opens with a discussion by Arthur Goldhammer, Piketty's translator into English, of the reasons for Capital's phenomenal success, followed by the published reviews of Nobel laureates Robert Solow and Paul Krugman. The rest of the book is devoted to newly commissioned essays that interrogate Piketty's arguments. Suresh Naidu and other contributors ask whether Piketty said enough about power, slavery, and the complex nature of capital. Laura Tyson and Michael Spence consider the impact of technology on inequality. Heather Boushey, Branko Milanovic, and others consider topics ranging from gender to trends in the global South. Emmanuel Saez lays out an agenda for future research on inequality, while a variety of essayists examine the book's implications for the social sciences more broadly. Piketty replies to these questions in a substantial concluding chapter. An indispensable interdisciplinary work, After Piketty does not shy away from the seemingly intractable problems that made Capital in the Twenty-First Century so compelling for so many.-- Provided by publisher
BOOK
Measuring Changes in Disparity Gaps
We propose a method for reporting how program evaluations reduce gaps between groups, such as the gender or Black-White gap. We first show that the reduction in disparities between groups can be written as the difference in conditional average treatment effects (CATE) for each group. Then, using a Kitagawa-Oaxaca-Blinder-style decomposition, we highlight how these CATE can be decomposed into unexplained differences in CATE in other observables versus differences in composition across other observables (e.g. the \"endowment\"). Finally, we apply this approach to study the impact of Medicare on American's access to health insurance.
Journal Article