We study optimal redistribution in life-cycle economy with privately observed permanent permanent earning ability types and mortality types. The novel feature of our analysis is that earning ability and mortality are negatively correlated. We characterize pareto optima and show that efficient allocation must satisfy an inverse euler equation (despite ability types being permanent). Hence, all a...

Combining consensus forecasts of growth of population and real incomes during 2014–35 with household income surveys for more than a hundred countries accounting for the bulk of the world economy, we project the income distribution in 2035 across all individuals in the world. We find that the Gini coefficient of global inequality declined from 69 in 2003 to 65 in 2013, and we project that it wil...

A growing number of students are casting aside the traditional view of work as a means of earning money, preferring to identify themselves more closely with a Particular community, where they can create their own life-style.