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Income Polarization in the United States
The paper uses a combination of micro-level datasets to document the rise of income polarization—what some have referred to as the “hollowing out” of the income distribution—in the United States, since the 1970s. While in the initial decades more middle-income households moved up, rather than down, the income ladder, since the turn of the current century, most of polarization has been towards lower incomes. This result is striking and in contrast with findings of other recent contributions. In addition, the paper finds evidence that, after conditioning on income and household characteristics, the marginal propensity to consume from permanent changes in income has somewhat fallen in recent years. We assess the potential impacts of these trends on private consumption. During 1998-2013, the rise in income polarization and lower marginal propensity to consume have suppressed the level of real consumption at the aggregate level, by about 31⁄2 percent—equivalent to more than one year of consumption.
Law and Development
The book examines the theory and practice of law and development. It introduces the General Theory of Law and Development, an innovative approach which explains the mechanisms by which law impacts development. This book analyzes the process of economic development in South Korea, South Africa, and the United States from legal and institutional perspectives. The book also explains why the concept of "development" is not only relevant to developing countries but to developed economies as well. The new edition includes five new chapters addressing the relationships between law and economic development in several key areas, including property rights, political governance, business transactions, state industrial promotion, and international trade and development.
Identity
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Income Polarization in the United States
The paper uses a combination of micro-level datasets to document the rise of income polarization—what some have referred to as the “hollowing out” of the income distribution—in the United States, since the 1970s. While in the initial decades more middle-income households moved up, rather than down, the income ladder, since the turn of the current century, most of polarization has been towards lower incomes. This result is striking and in contrast with findings of other recent contributions. In addition, the paper finds evidence that, after conditioning on income and household characteristics, the marginal propensity to consume from permanent changes in income has somewhat fallen in recent years. We assess the potential impacts of these trends on private consumption. During 1998-2013, the rise in income polarization and lower marginal propensity to consume have suppressed the level of real consumption at the aggregate level, by about 31⁄2 percent—equivalent to more than one year of consumption.
Rising Inequality in China
This book examines the evolution of economic inequality in China from 2002 to 2007; a sequel to Inequality and Public Policy in China (2008).
Technological Systems and Development
This book explores the notion of a technological system and more specifically the distinction between modern and traditional technological systems. Using highly disaggregated data for a range of sectors and developing countries we have applied this distinction to micro - as well as macro-economic policy issues. By identifying distinct systems of technology in a multisectoral model of the economy we have been able to quantify certain aspects of those systems within a rigorous conceptual framework. The relationship between income distribution, the choice of technology and its subsequent impact is examined in detail.
Agent-Based Models in Economics
The first step-by-step introduction to the methodology of agent-based models in economics, their mathematical and statistical analysis, and real-world applications.
Post-Keynesian Economics
This visionary Research Handbook presents the state of the art in research on policy design. By conceiving policy design both as a theoretical and a methodological framework, it provides scholars and practitioners with guidance on understanding policy problems and devising accurate solutions.
Lift Up Your Hearts and Voices
Adapted from the Charpentier "Te Deum in D Major" with an original school-friendly text, this is an accessible and positive way to ease your students into singing timeless choral music. An optional trumpet adds to the classic character. Majestic!
Macroeconomics of Growth Cycles and Financial Instability
In light of the recent economic crisis and in keeping with Hyman Minsky's analysis of financial instability, this book considers the important interaction between cycles and growth, via the interplay between demand, supply andreal-world financial issues. This challenging book will prove a thought-provoking read for students and scholars of macroeconomics, heterodox economics, labour markets andmoney, finance and banking.
