30 research outputs found

    Incomplete Contracts, Incentives and Economic Power

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    This paper formalizes ideas from classical and radical political economy on task allocation and technology adoption under capitalism. A few previous studies have attempted this, but the framework and results in this paper are different. I model labor contracts that are incomplete owing to unforeseen/indescribable contingencies, leading to Pareto-improving renegotiation and a hold-up problem. Given path dependence, the allocation is sub-optimal, with the extent of inefficiency depending upon the degree of incompleteness. This model captures insights from the above literature on the microeconomic roots of inefficiency and power. It also provides a concrete setting where indescribable contingencies do (or dont) matter - a much-debated issue.Incomplete Contracts, Unforeseen/Indescribeable Contingencies, Hold-Up, Classical and Radical Political Economy

    Polarization, inequality and growth: The Indian experience

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    We analyze polarization in India roughly in the past two and half decades using consumption expenditure data. We show that both bipolarization and multidimensional polarization (on several dimensions: caste, rural-urban, state, region) have increased since the 1990s. In the case of bipolarization, this is a reversal from the earlier trend (in the 1980s). Overall, our results suggest that the high growth that India has been witnessing since the 1990s has been associated with widening disparities. Comparing polarization and inequality, we find similarities, but also some differences. Our results therefore underscore the importance of studying polarization as distinct from traditional inequality.Polarization; Inequality; Growth in India.

    The Ethics of Microfinance and Cooperation

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    Las desigualdades, la calidad de la educación primaria y el desarrollo en América Latina

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    Las desigualdades, la calidad de la educación primaria y el desarrollo en América Latin