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Wealth inequality, wealth constraints and economic performance

In: Handbook of Income Distribution

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Author Info
Bardhan, Pranab
Bowles, Samuel
Gintis, Herbert

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Abstract

Where such behaviors as risk-taking and hard work are not subject to complete contracts, some distributions of assets (for instance the widespread use of tenancy) may preclude efficient contractual arrangements. In particular, the distribution of wealth may affect: (a) residual claimancy over income streams; (b) exit options in bargaining situations; (c) the relative capacities of actors to exploit common resources; (d) the capacity to punish those who deviate from cooperative solutions; and (e) the pattern of both risk aversion and the subjective cost of capital in the population.

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This chapter was published in: A.B. Atkinson & F. Bourguignon (ed.) Handbook of Income Distribution, , chapter 10, pages 541-603, 2000.

This item is provided by Elsevier in its series Handbook of Income Distribution with number 1-10.

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This chapter was published in the following book, which is listed on IDEAS:
A.B. Atkinson & F. Bourguignon (ed.), 2000. "Handbook of Income Distribution," Handbook of Income Distribution, Elsevier, edition 1, volume 1, number 1, September. [Downloadable!] (restricted)
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Find related papers by JEL classification:
O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration

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  1. Grossman, Sanford J & Hart, Oliver D, 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 691-719, August. [Downloadable!] (restricted)
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  2. North, Douglass C, 1991. "Institutions," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 97-112, Winter. [Downloadable!] (restricted)
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