Macroeconomic Fluctuations, Inequality, and Human Development

This paper examines the two-way relationship between inequality and economic fluctuations, and the implications for human development. For years, the dominant paradigm in macroeconomics, which assumed that income distribution did not matter, at least for macroeconomic behavior, ignored inequality--both its role in causing crises and the effect of fluctuations in general, and crises in particular, on inequality. But the most recent financial crisis has shown the errors in this thinking, and these views are finally beginning to be questioned. Economists who had looked at the average equity of a homeowner--ignoring the distribution--felt comfortable that the economy could easily withstand a large fall in housing prices. When such a fall occurred, however, it had disastrous effects, because a large fraction of homeowners owed more on their homes than the value of the home, leading to waves of foreclosure and economic stress. Policy-makers and economists alike have begun to take note: inequality can contribute to volatility and the creation of crises, and volatility can contribute to inequality. Here, we explore the variety of channels through which inequality affects fluctuations and fluctuations affect inequality, and explore how some of the changes in our economy may have contributed to increased inequality and volatility both directly and indirectly. After describing the two-way relationship, the paper discusses hysteresis--the fact that the consequences of an economic downturn can be long-lived. Then, it examines how policy can either mitigate or exacerbate the inequality consequences of economic downturns, and shows how well-intentioned policies can sometimes be counterproductive. Finally, it links these issues to human development, especially in developing countries

Excimer laser annealing for fabrication of low-cost solar cells

Pulsed excimer laser annealing was successfully performed using a 50 w laser. Both polished and texturized cells were tried, however, there are serious problems with nonuniformity on texturized cells. A number of cells were produced and compared to diffusion furnace annealed cells. There was no clear economic advantage in using an excimer laser and there was a small penalty on average efficiency. The conclusion was that the excimer laser anneal process must be able to produce superior cells to be considered as a viable process option

Horava-Lifshitz gravity: tighter constraints for the Kehagias-Sfetsos solution from new solar system data

We analytically work out the perturbation induced by the Kehagias-Sfetsos (KS) space-time solution of the Horava-Lifshitz (HL) modified gravity at long distances on the two-body range for a pair of test particles A and B orbiting the same mass M. We apply our results to the most recently obtained range-residuals \delta\rho for some planets of the solar system (Mercury, Mars, Saturn) ranged from the Earth to effectively constrain the dimensionsless KS parameter \psi_0 for the Sun. We obtain \psi_0 >= 7.2 x 10^-10 (Mercury), \psi_0 >= 9 x 10^-12 (Mars), \psi_0 >= 1.7 x 10^-12 (Saturn). Such lower bounds are tighter than other ones existing in literature by several orders of magnitude. We also preliminarily obtain \psi_0 >= 8 x 10^-10 for the system constituted by the S2 star orbiting the Supermassive Black Hole (SBH) in the center of the Galaxy.Comment: LaTex2e, 15 pages, 1 table, 3 figures, 31 references. Version matching the one at press in International Journal of Modern Physics D (IJMPD

Crises: Principles and Policies: With an Application to the Eurozone Crisis

Economies around the world have faced repeated crises — more frequently over the past thirty years. The fact that they have become more frequent and pervasive at the same time that we believe we have learned more about the management of the economy and as markets have seemingly improved poses a puzzle: shouldn't rational markets avoid these catastrophes, the costs of which outweigh, by an enormous amount, any benefit that might have accrued to the economy from the actions prior to the crisis that might have contributed to it? This is especially true of the large fraction of crises that can be called “debt crises,” precipitated by a country’s difficulty in repaying what it owes. The benefits of income smoothing (arising from the difference in the marginal utility of income in periods when income is low and when income is high) are overwhelmed by the social and economic costs of the ensuing crisis

Cosmological perturbations in a healthy extension of Horava gravity

In Horava's theory of gravity, Lorentz symmetry is broken in exchange for renormalizability, but the original theory has been argued to be plagued with problems associated with a new scalar mode stemming from the very breaking of Lorentz symmetry. Recently, Blas, Pujolas, and Sibiryakov have proposed a healthy extension of Horava gravity, in which the behavior of the scalar mode is improved. In this paper, we study scalar modes of cosmological perturbations in extended Horava gravity. The evolution of metric and density perturbations is addressed analytically and numerically. It is shown that for vanishing non-adiabatic pressure of matter the large scale evolution of cosmological perturbations converges to that described by a single constant, $\zeta$, which is an analog of a curvature perturbation on the uniform-density slicing commonly used in usual gravitational theories. The subsequent evolution is thus determined completely by the value of $\zeta$.Comment: 10 pages, 4 figures; v2: published versio

Cross-code comparison of the edge codes SOLPS-ITER, SOLEDGE2D and UEDGE in modelling a low-power scenario in the DTT

As reactor-level nuclear fusion experiments are approaching, a solution to the power exhaust issue in future fusion reactors is still missing. The maximum steady-state heat load that can be exhausted by the present technology is around 10 MW m-2. Different promising strategies aiming at successfully managing the power exhaust in reactor-relevant conditions such that the limit is not exceeded are under investigation, and will be tested in the Divertor Tokamak Test (DTT) experiment. Meanwhile, the design of tokamaks beyond the DTT, e.g. EU-DEMO/ARC, is progressing at a high pace. A strategy to work around the present lack of reactor-relevant data consists of exploiting modelling to reduce the uncertainty in the extrapolation in the design phase. Different simulation tools, with their own capabilities and limitations, can be employed for this purpose. In this work, we compare SOLPS-ITER, SOLEDGE2D and UEDGE, three state-of-the-art edge codes heavily used in power exhaust studies, in modelling the same DTT low-power, pure-deuterium, narrow heat-flux-width scenario. This simplified, although still reactor-relevant, testbed eases the cross-comparison and the interpretation of the code predictions, to identify areas where results differ and develop understanding of the underlying causes. Under the conditions investigated, the codes show encouraging agreement in terms of key parameters at both targets, including peak parallel heat flux (1%-45%), ion temperature (2%-19%), and inner target plasma density (1%-23%) when run with similar input. However, strong disagreement is observed for the remaining quantities, from 30% at outer mid-plane up to a factor 4-5 at the targets. The results primarily reflect limitations of the codes: the SOLPS-ITER plasma mesh not reaching the first wall, SOLEDGE2D not including ion-neutral temperature equilibration, and UEDGE enforcing a common ion-neutral temperature. Potential improvements that could help enhance the accuracy of the code models for future applications are also discussed