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On Efficiency and Distribution

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  • Lucas, Robert E, Jr

Abstract

This paper is a theoretical study of alternative ways of allocating resources in an exchange economy in which individual preferences are subject to unpredictable shocks that cannot be monitored. Efficiency in this economy requires wealth inequality to increase over time. The paper is based on the author's 1991 Harry Johnson Lecture. Copyright 1992 by Royal Economic Society.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 102 (1992)
Issue (Month): 411 (March)
Pages: 233-47

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Handle: RePEc:ecj:econjl:v:102:y:1992:i:411:p:233-47

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Cited by:
  1. Aiyagari, S. Rao & Williamson, Stephen D., 2000. "Money and Dynamic Credit Arrangements with Private Information," Journal of Economic Theory, Elsevier, vol. 91(2), pages 248-279, April.
  2. Radim Bohacek, 2001. "Capital Accumulation in an Economy with Heterogeneous Agents and Moral Hazard," GE, Growth, Math methods 0012001, EconWPA.
  3. Marcel Fafchamps & Chris Udry & Katherine Czukas, . "Drought and Saving in West Africa: Are Livestock a Buffer Stock?," Working Papers 97013, Stanford University, Department of Economics.
  4. Collins, Anne D. & Lim, Jamus Jerome, 2010. "Recognition, redistribution, and liberty," Journal of Economic Behavior & Organization, Elsevier, vol. 74(3), pages 240-252, June.
  5. Satya P. Das, 2000. "North-South Trade, Capital Accumulation and Personal Distribution of Wealth and Income," Econometric Society World Congress 2000 Contributed Papers 0040, Econometric Society.
  6. Radim Bohacek, 2001. "Capital Accumulation And Moral Hazard In An Economy With Heterogeneous Agents," CeNDEF Workshop Papers, January 2001 1B.2, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
  7. Horvath, Michal, 2012. "Computational accuracy and distributional analysis in models with incomplete markets and aggregate uncertainty," Economics Letters, Elsevier, vol. 117(1), pages 276-279.
  8. Hongyi Li & Danyang Xie & Heng-Fu Zou, 2000. "Dynamics of income distribution," Canadian Journal of Economics, Canadian Economics Association, vol. 33(4), pages 937-961, November.
  9. Shouyong Shi, 2006. "A Microfoundation of Monetary Economics," Working Papers tecipa-211, University of Toronto, Department of Economics.
  10. Narayana Kocherlakota, 2007. "Money and Bonds: An Equivalence Theorem," Levine's Bibliography 843644000000000161, UCLA Department of Economics.
  11. Clemens, Christiane & Soretz, Susanne, 1999. "Konsequenzen des Zins- und Einkommensrisikos auf das wirtschaftliche Wachstum," Hannover Economic Papers (HEP) dp-221, Leibniz Universit├Ąt Hannover, Wirtschaftswissenschaftliche Fakult├Ąt.
  12. Jeffrey M. Lacker, 1997. "Clearing, settlement, and monetary policy," Working Paper 97-01, Federal Reserve Bank of Richmond.
  13. Robson, Arthur J & Wooders, Myrna, 1997. "On the Growth-Maximizing Distribution of Income," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(3), pages 511-26, August.

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