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Persistent Inequality

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Author Info
Dilip Mookherjee
Debraj Ray

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Abstract

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. Copyright The Review of Economic Studies Limited, 2003.

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Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 70 (2003)
Issue (Month): 2 (04)
Pages: 369-393
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Handle: RePEc:bla:restud:v:70:y:2003:i:2:p:369-393

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Dilip Mookherjee & Debraj Ray, 2000. "Contractual Structure and Wealth Accumulation," Boston University - Institute for Economic Development 107, Boston University, Institute for Economic Development.
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  2. Dilip Mookherjee & Debraj Ray, 2002. "Is Equality Stable?," American Economic Review, American Economic Association, vol. 92(2), pages 253-259, May. [Downloadable!] (restricted)
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  3. Galor, Oded & Zeira, Joseph, 1993. "Income Distribution and Macroeconomics," Review of Economic Studies, Blackwell Publishing, vol. 60(1), pages 35-52, January. [Downloadable!] (restricted)
  4. Maoz, Yishay D & Moav, Omer, 1999. "Intergenerational Mobility and the Process of Development," Economic Journal, Royal Economic Society, vol. 109(458), pages 677-97, October. [Downloadable!] (restricted)
  5. repec:fth:bosecd:108 is not listed on IDEAS
  6. Baland, Jean-Marie & Ray, Debraj, 1991. "Why does asset inequality affect unemployment? A study of the demand composition problem," Journal of Development Economics, Elsevier, vol. 35(1), pages 69-92, January. [Downloadable!] (restricted)
  7. Loury, Glenn C, 1981. "Intergenerational Transfers and the Distribution of Earnings," Econometrica, Econometric Society, vol. 49(4), pages 843-67, June. [Downloadable!] (restricted)
  8. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec.. [Downloadable!] (restricted)
  9. Dilip Mookherjee & Debraj Ray, 2003. "Persistent Inequality," Review of Economic Studies, Blackwell Publishing, vol. 70(2), pages 369-393, 04. [Downloadable!] (restricted)
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  10. Becker, Gary S & Tomes, Nigel, 1979. "An Equilibrium Theory of the Distribution of Income and Intergenerational Mobility," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1153-89, December. [Downloadable!] (restricted)
  11. Ray, Debraj & Streufert, Peter A, 1993. "Dynamic Equilibria with Unemployment Due to Undernourishment," Economic Theory, Springer, vol. 3(1), pages 61-85, January.
  12. Abhijit V. Banerjee & Andrew F. Newman, 1990. "Occupational Choice and the Process of Development," Discussion Papers 911, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Eren Inci, 2007. "Occupational Choice and the Quality of Entrepreneurs," Boston College Working Papers in Economics 666, Boston College Department of Economics. [Downloadable!]
  2. Maristella Botticini & Zvi Eckstein, 2006. "Path Dependence and Occupations," Carlo Alberto Notebooks 3, Collegio Carlo Alberto. [Downloadable!]
    Other versions:
  3. Dilip Mookherjee & Debraj Ray, 2000. "Persistent Inequality," Boston University - Department of Economics - The Institute for Economic Development Working Papers Series dp-108, Boston University - Department of Economics, revised Oct 2002. [Downloadable!]
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  4. Ernesto Dal Bó & Pedro Dal Bó & Jason Snyder, 2007. "Political Dynasties," NBER Working Papers 13122, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Manuel Oechslin, 2006. "Creditor Protection and the Dynamics of the Distribution in Oligarchic Societies," DEGIT Conference Papers c011_052, DEGIT, Dynamics, Economic Growth, and International Trade. [Downloadable!]
  6. Oded Galor & Omer Moav, 2004. "From Physical to Human Capital Accumulation: Inequality and the Process of Development," GE, Growth, Math methods 0410005, EconWPA. [Downloadable!]
    Other versions:
  7. Maitreesh Ghatak & Massimo Morelli & Tomas Sjostrom, 2002. "Credit Rationing, Wealth Inequality, and Allocation of Talent," STICERD - Theoretical Economics Paper Series 441, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
  8. Shankha Chakraborty & Tridip Ray, 2003. "The Development and Structure of Financial Systems," University of Oregon Economics Department Working Papers 2003-2, University of Oregon Economics Department, revised 01 Dec 2003. [Downloadable!]
    Other versions:
  9. Kiminori Matsuyama, 2002. "Financial Market Globalization, Symmetry-Breaking, and Endogenous Inequality of Nations," CIRJE F-Series CIRJE-F-186, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
    Other versions:
  10. Thorsten Vogel, 2006. "Reassessing Intergenerational Mobility in Germany and the United States: The Impact of Differences in Lifecycle Earnings Patterns," SFB 649 Discussion Papers SFB649DP2006-055, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany. [Downloadable!]
  11. R. Andergassen & F. Nardini, 2004. "Educational Choice, Endogenous Inequality and Economic Development," Working Papers 503, Dipartimento Scienze Economiche, Università di Bologna. [Downloadable!]
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  12. James B. Ang, 2008. "Finance And Inequality: The Case Of India," CAMA Working Papers 2008-18, Australian National University, Centre for Applied Macroeconomic Analysis. [Downloadable!]
  13. Dilip Mookherjee & Debraj Ray, 2005. "Occupational Diversity and Endogenous Inequality," Boston University - Department of Economics - Working Papers Series WP2005-022, Boston University - Department of Economics. [Downloadable!]
    Other versions:
  14. Maitreesh Ghatak & Massimo Morelli & Tomas Sjostrom, 2002. "Credit Rationing, Wealth Inequality, and Allocation of Talent," Economics Working Papers 0026, Institute for Advanced Study, School of Social Science. [Downloadable!]
  15. Roland Benabou, 2004. "Inequality, Technology, and the Social Contract," NBER Working Papers 10371, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  16. Dilip Mookherjee & Debraj Ray, 2002. "Contractual Structure and Wealth Accumulation," American Economic Review, American Economic Association, vol. 92(4), pages 818-849, September. [Downloadable!] (restricted)
    Other versions:
  17. Manuel Oechslin, 2006. "Creditor Protection and the Dynamics of the Distribution in Oligarchic Societies," IEW - Working Papers iewwp264, Institute for Empirical Research in Economics - IEW. [Downloadable!]
  18. Falilou Fall, 2005. "Endogenous persistent inequality," Cahiers de la Maison des Sciences Economiques v05059, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
  19. Maitreesh Ghatak & Massimo Morelli & Tomas Sjoström, 2001. "Credit rationing, wealth inequality, and allocation of talent," ICER Working Papers - Applied Mathematics Series 23-2001, ICER - International Centre for Economic Research. [Downloadable!]
  20. Joanna Alexopoulos & Tiago V. de V. Cavalcanti, 2006. "Cheap Home Goods And Persistent Inequality," Anais do XXXIV Encontro Nacional de Economia [Proceedings of the 34th Brazilian Economics Meeting] 165, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]. [Downloadable!]
  21. Kiminori Matsuyama, 2002. "On the Rise and Fall of Class Societies," CIRJE F-Series CIRJE-F-173, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
    Other versions:
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