This paper revisits the question whether capital in a competitive equilibrium is overaccumulated from the perspective of the social planner in an incomplete market economy with risky human capital accumulation. As in Dávila, Hong, Krusell and RíosRull (2012), we consider a constrained social planner who cannot complete markets, but can improve welfare by only internalizing how individual alloca...

In the 19th century, the museum was generally constituted as an accumulation of uncatalogued objects, while its fundamental role was relatively haphazard, with principal concern the elite’s good taste and high culture provided within a sacred site. At this time, heritage organizations began serving as a pedagogical source and incorporated learning strategies to accommodate the general public. I...

Top income inequality, defined as the income gap within the top 1% income group, has been rising in the United States since the 1980s. Coinciding with this rise, the large reductions in the topmarginal tax rate exhibit a strong correlation with the increase in both top income inequality and top income shares. This paper identifies endogenous human capital accumulation as the link between change...

Many scholars advocate the adoption of a black-and-white lens for the analysis of racial inequality in Brazil. Drawing on a nationally representative dataset that includes race questions in multiple formats, we evaluate how removal of the ‘brown’ category from the census or other social surveys would likely affect: (1) the descriptive picture of Brazil’s racial composition; and (2) estimates of...

This paper studies the impact of the process of technological change on the distribution of productivities and pro...ts across sectors. We ...nd that if technological progress a¤ects high-tech and traditional sectors di¤erently, the impact of changes in the determinants of economic growth may differ depending on which is the actual change. When an economy is growing faster due to an increase in...

The purpose of this special issue is to explore social inequalities in the digital environment. The motivation for this issue is derived from the disproportionate focus on technological and economic aspects of the Information Society to the detriment of sociological and cultural aspects. The research presented here falls along three dimensions of inequality. Two papers explore the ways that rac...

This paper provides compelling evidence that equity market liberalization, as the most efficient way to smooth financial market frictions such as credit constraints, can alleviate persistent cross-dynastic income inequality by promoting increased human capital accumulation. The authors examine the effect of equity market liberalization on inequality by using data from 72 countries for 1980–2006...

The convex and metric structures underlying probabilistic physical theories are generally described in terms of base normed vector spaces. According to a recent proposal, the purely geometrical features of these spaces are appropriately represented in terms of the notion of measure cone and the mixing distance [1], a specification of the novel concept of direction distance [2]. It turns out tha...

Education and Family Background: Mechanisms and Policies In every society for which we have data, people’s educational achievement is positively correlated with their parents’ education or with other indicators of their parents’ socioeconomic status. This topic is central in social science, and there is no doubt that research has intensified during recent decades, not least thanks to better dat...

A state feedback H 1 suboptimal control problem on T SO(3) for a rigid spacecraft with three control torques and disturbances is addressed. The Hamilton-Jacobi inequality associated with a corresponding state feedback H 1 suboptimal control problem on T S 3 is solved globally. The H 1 suboptimal state feedback on T S 3 involves the Euler parameters and solves the original problem on T SO(3) whe...