Finance, Technology and Inequality in Economic Development

This paper presents an overlapping generations model with technology choice and credit market imperfections, in order to investigate a possible source of underdevelopment. The model shows that a better financial infrastructure that provides stronger enforcement of contracts facilitates the development of financial markets, which, in turn, enables firms to switch to more productive and capital-intensive technologies, thereby promoting economic development. In the presence of credit rationing, however, this technological switch widens inequality. Therefore, risk-averse agents would not be willing to improve the financial infrastructure to the level at which the technological switch occurs, resulting in a development trap. A remedy is to facilitate small firmsf adoption of the currently used technology rather than the new one.Enforcement; Technological Switch; Income Distribution; Credit Rationing; Development Trap; Institutions.

Finance, Technology and Inequality in Economic Development

This paper presents an overlapping generations model with technology choice and credit market imperfections, in order to investigate a possible source of underdevelopment. The model shows that a better financial infrastructure that provides stronger enforcement of contracts facilitates the development of financial markets, which, in turn, enables firms to switch to more productive and capital-intensive technologies, thereby promoting economic development. In the presence of credit rationing, however, this technological switch widens inequality. Therefore, risk-averse agents would not be willing to improve the financial infrastructure to the level at which the technological switch occurs, resulting in a development trap. A remedy is to facilitate small firms' adoption of the currently used technology rather than the new one.Enforcement; Technological Switch; Income Distribution; Credit Rationing; Institutions.

Financial infrastructure, technological shift, and inequality in economic development

This paper presents an overlapping generations model with technology choice and imperfect financial markets, and examines the evolution of income distribution in economic development. The model shows that improvements in financial infrastructure facilitate economic development both by raising the aggregate capital-labor ratio and by causing a technological shift to more capital-intensive technologies. While a higher capital-labor ratio under a given technology reduces inequality, a technological shift can lead to a concentration of the economic rents among a smaller number of agents. We derive the condition under which an improvement in financial infrastructure actually decreases the average utility of agents.Technological Shift; Income Distribution; Rents; Enforcement; Credit Rationing

Generalized chiral instabilities, linking numbers, and non-invertible symmetries

We demonstrate a universal mechanism of a class of instabilities in infrared regions for massless Abelian $p$-form gauge theories with topological interactions, which we call generalized chiral instabilities. Such instabilities occur in the presence of initial electric fields for the $p$-form gauge fields. We show that the dynamically generated magnetic fields tend to decrease the initial electric fields and result in configurations with linking numbers, which can be characterized by non-invertible global symmetries. The so-called chiral plasma instability and instabilities of the axion electrodynamics and $(4+1)$-dimensional Maxwell-Chern-Simons theory in electric fields can be described by the generalized chiral instabilities in a unified manner. We also illustrate this mechanism in the $(2+1)$-dimensional Goldstone-Maxwell model in electric field.Comment: 38 pages, 9 figure

Inhibition of antithrombin by hyaluronic acid may be involved in the pathogenesis of rheumatoid arthritis

Thrombin is a key factor in the stimulation of fibrin deposition, angiogenesis, proinflammatory processes, and proliferation of fibroblast-like cells. Abnormalities in these processes are primary features of rheumatoid arthritis (RA) in synovial tissues. Tissue destruction in joints causes the accumulation of large quantities of free hyaluronic acid (HA) in RA synovial fluid. The present study was conducted to investigate the effects of HA and several other glycosaminoglycans on antithrombin, a plasma inhibitor of thrombin. Various glycosaminoglycans, including HA, chondroitin sulfate, keratan sulfate, heparin, and heparan, were incubated with human antithrombin III in vitro. The residual activity of antithrombin was determined using a thrombin-specific chromogenic assay. HA concentrations ranging from 250 to 1000 μg/ml significantly blocked the ability of antithrombin to inhibit thrombin in the presence of Ca(2+ )or Fe(3+), and chondroitin A, B and C also reduced this ability under the same conditions but to a lesser extent. Our study suggests that the high concentration of free HA in RA synovium may block antithrombin locally, thereby deregulating thrombin activity to drive the pathogenic process of RA under physiological conditions. The study also helps to explain why RA occurs and develops in joint tissue, because the inflamed RA synovium is uniquely rich in free HA along with extracellular matrix degeneration. Our findings are consistent with those of others regarding increased coagulation activity in RA synovium

Dipole symmetries from the topology of the phase space and the constraints on the low-energy spectrum

We demonstrate the general existence of a local dipole conservation law in bosonic field theory. The scalar charge density arises from the symplectic form of the system, whereas the tensor current descends from its stress tensor. The algebra of spatial translations becomes centrally extended in presence of field configurations with a finite nonzero charge. Furthermore, when the symplectic form is closed but not exact, the system may, surprisingly, lack a well-defined momentum density. This leads to a theorem for the presence of additional light modes in the system whenever the short-distance physics is governed by a translationally invariant local field theory. We also illustrate this mechanism for axion electrodynamics as an example of a system with Nambu-Goldstone modes of higher-form symmetries.Comment: 30 pages, 2 figures; v2: expanded discussion and updated reference lis