Heterogeneous Time-Preference and the Distribution of Wealth

This paper analyzes a dynamic model in which physical capital can be accumulated or depleted, and labour supply is endogenous. The distribution of income is then endogenously determined by both technological parameters of production, and the distribution of agents' discount parameters. Degenerate wealth distributions, in which only the most patient agents have any wealth, are avoided by having a fraction of the agents die each period, and bequeath their wealth to descendants with independently random discount parameters. On average, more patient agents will have higher wealths and incomes, but in the short run agents' stocks of wealth depend on their inherited wealth. If a patient individual lives long enough, she will retire and live on only investment income, while if an impatient individual lives long enough, he will deplete all his wealth and live on only labour earnings. The effects of a general increase in patience are an increase in the wage rate, a lowering of the return on capital, and general increases in wealth, income, and utility. Possibilities for engineering such an increase, by promoting 'artificial patience', could include favourable taxation of investment income, forced savings such as payroll-tax financed pension plans, or public subsidies for education and health.time-preference, patience, wealth

Redistribution Policy in a Model with Heterogeneous Time Preference

We examine how redistribution policy affects the distribution of income when human capital accumulation is endogenous and the fundamental source of heterogeneity in the economy stems from varying degrees of time preference across members of the population. In comparing the steady states of a dynamic general equilibrium model calibrated to the Canadian economy, we find that progressively more generous income transfer programs (financed with a flat income tax) lead to only modest decreases in income inequality, but significant increases in earnings inequality and large losses in per capita output. With the exception of the bottom income quintile, individuals display a strong preference for the long-run situation associated with the absence of government redistribution policy. Nevertheless, taking into account transition dynamics, a majority of individuals would vote for implementation of redistribution policy. The distribution of time-preference plays a critical role in generating this last result. Nous examinons comment les politiques redistributrices influencent la distribution du revenu lorsque l'accumulation de capital humain est endogène et que la source fondamentale de l'hétérogénéité dans l'économie provient des différents degrés de préférence pour le présent dans la population. En comparant les états stationnaires d'un modèle d'équilibre général dynamique étalonné pour le Canada, nous trouvons que des programmes de transferts de revenu plus généreux (financés par une imposition uniforme des revenus) ne mènent qu'à de faibles baisses de l'inégalité des revenus, mais augmentent significativement l'inégalité des salaires et mènent à de grandes pertes au niveau du capital par tête. À l'exception du quintile le plus faible, les individus ont une forte prédilection pour la situation de long terme associée à une absence de politique de redistribution. Malgré tout, une majorité vote pour une politique redistributrice en tenant compte des dynamiques de transition. La distribution de la préférence pour le présent joue un rôle crucial pour obtenir ces derniers résultats.Heterogeneous time preference, redistribution, dynamic general equilibrium

Yielded to Christ or conformed to this world? Postwar Mennonite responses to labour activism

This is the accepted version of the manuscript.The urbanization of North American Mennonites after the Second World War necessitated a reconsideration of Mennonite religious beliefs. Post-war concerns for social justice led to a greater emphasis on non-violence and agape at the expense of Gelassenheit. The tenor of Mennonite church conference resolutions regarding labour union membership changed; while skepticism remained regarding the wisdom of union involvement, the door was left open for participation in unions. The labour militancy of the 1970s led Manitoba Mennonites to re-examine their engagement with the labour movement, a process that has continued to the present day. Without further research on Mennonite workplaces, it cannot be known exactly how the change in religious emphases has affected Mennonite identity.https://journals.sagepub.com/doi/abs/10.1177/00084298070360020

Catalysis for fuels: general discussion

SCI(E)EDITORIAL MATERIAL165-20519

A cross-national comparative study of blood pressure and hypertension between english and dutch south-Asian-and African-origin Populations: The role of national context

BACKGROUND We compare patterns of blood pressure (BP) and prevalence of hypertension between white-Dutch and their South-Asian and African minority groups with their corresponding white-English and their South-Asian and African ethnic minority groups; and the contribution of physical activity, body sizes, and socioeconomic position (SEP); and the quality of BP treatment that may underlie differences in mean BP. METHODS Secondary analyses of population-based studies of 13,999 participants from the United Kingdom and the Netherlands. RESULTS Compared with Dutch South-Asians, all English South-Asian men and women had lower BP and prevalence of hypertension except for systolic BP in English-Indian men. Among Africans, the systolic BP did not differ, but the diastolic BP levels were lower in English-Caribbean and English- (sub-Sahara) African men and women than in their Dutch-African counterparts. English-Caribbeans had a lower prevalence of hypertension than Dutch-Africans. Compared with white-Dutch, white-English men and women had higher systolic BP levels, but lower diastolic BP levels. There were no differences in the prevalence of hypertension between the white groups. Most differences remained unchanged after adjustment for SEP, lifestyle, and body sizes in all ethnic groups. BP control rates were substantially lower among Dutch-African and Dutch South-Asian hypertensives than among their English counterparts (except Indians). CONCLUSIONS We found marked variations in BP and hypertension prevalence between comparable ethnic groups in England and the Netherlands. Poor BP control among Dutch South-Asians and Africans contributed to their disadvantage of the relatively high BP level