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Occupational Choice and the Process of Development

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Author Info
Banerjee, Abhijit V
Newman, Andrew F

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Abstract

This paper models economic development as a process of institutional transformation by focusing on the interplay between agents' occupational decisions and the distribution of wealth. Becau se of capital-market imperfections, poor agents choose working for a wa ge over self-employment and wealthy agents become entrepreneurs who monitor workers. Only with sufficient inequality, however, will ther e be employment contracts; otherwise, there is either subsistence or self-employment. Thus, in static equilibrium, the occupational structure depends on distribution. Since the latter is itself endogenous, the authors demonstrate the robustness of this result b y extending the model dynamically and studying examples in which initi al wealth distributions have long-run effects. Copyright 1993 by University of Chicago Press.

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Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 101 (1993)
Issue (Month): 2 (April)
Pages: 274-98
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Handle: RePEc:ucp:jpolec:v:101:y:1993:i:2:p:274-98

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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. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October. [Downloadable!] (restricted)
  2. Eswaran, Mukesh & Kotwal, Ashok, 1989. "Why Are Capitalists the Bosses?," Economic Journal, Royal Economic Society, vol. 99(394), pages 162-76, March. [Downloadable!] (restricted)
  3. Bernanke, Ben & Gertler, Mark, 1989. "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, American Economic Association, vol. 79(1), pages 14-31, March. [Downloadable!] (restricted)
  4. Glenn M. MacDonald, 1982. "Specific Investments and Nonlabor Income," Bell Journal of Economics, The RAND Corporation, vol. 13(1), pages 225-233, Spring. [Downloadable!] (restricted)
  5. Townsend, Robert M, 1987. "Models as Economies," Economic Journal, Royal Economic Society, vol. 98(390), pages 1-24, Supplemen.
  6. Millward, R., 1981. "The emergence of wage labor in early modern England," Explorations in Economic History, Elsevier, vol. 18(1), pages 21-39, January. [Downloadable!] (restricted)
  7. Andreoni, James, 1989. "Giving with Impure Altruism: Applications to Charity and Ricardian Equivalence," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1447-58, December. [Downloadable!] (restricted)
  8. Stiglitz, J.E., 1988. "Economic Organization, Information And Development," Papers 21, Princeton, Woodrow Wilson School - Discussion Paper.
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  9. Kiminori Matsuyama, 1990. "Increasing Returns, Industrialization and Indeterminacy of Equilibrium," Discussion Papers 878, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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  10. Sappington, David, 1983. "Limited liability contracts between principal and agent," Journal of Economic Theory, Elsevier, vol. 29(1), pages 1-21, February. [Downloadable!] (restricted)
  11. Cohen, Jon S, 1981. "Managers and Machinery: An Analysis of the Rise of Factory Production," Australian Economic Papers, Blackwell Publishing, vol. 20(36), pages 24-41, June.
  12. Murphy, Kevin M & Shleifer, Andrei & Vishny, Robert W, 1989. "Income Distribution, Market Size, and Industrialization," The Quarterly Journal of Economics, MIT Press, vol. 104(3), pages 537-64, August. [Downloadable!] (restricted)
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  13. Abhijit Banerjee & Andrew F. Newman, 1989. "Risk-Bearing and the Theory of Income Distribution," Discussion Papers 877, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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  14. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July. [Downloadable!] (restricted)
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