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Wealth Inequality, Wealth Constraints and Economic Performance

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Author Info
Pranab Bardhan, Samuel Bowles and Herbert Gintis.

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Abstract

When asymmetry or non-verifiability of information, or non-excludability of users, makes contracts incomplete or unenforceable, and where for these and other reasons there are impediments to efficient bargaining, we show that private contracting will not generally assign the control of assets and the residual claimancy over income streams of projects to achieve socially efficient outcomes, suggesting that the policy relevance of the widely accepted "efficiency-equity tradeoff" should be seriously reconsidered. We illustrate these ideas with reference to misallocations in land, labor and credit markets. We also explore the consequences of redistributive policies for risk-taking and risk exposure when non-wealthy agents are risk-averse and for resolving collective action problems inherent in the provision of local public goods in the context of commons.

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Publisher Info
Paper provided by University of California at Berkeley in its series Center for International and Development Economics Research (CIDER) Working Papers with number C98-097.

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Date of creation: 01 Apr 1998
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Handle: RePEc:ucb:calbcd:c98-097

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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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  1. Colombino Ugo & Locatelli Marilena & Narazani Edlira & O'Donoghue Cathal & Shima Isilda, 2008. "Behavioural and welfare effects of basic income policies : An a simulation for European Countries," Department of Economics Working Papers 200806, University of Turin. [Downloadable!]
  2. Ravallion, Martin, 2005. "Inequality is bad for the poor," Policy Research Working Paper Series 3677, The World Bank. [Downloadable!]
  3. Deininger, Klaus & Jin, Songqing & Nagarajan, Hari K., 2007. "Land reforms, poverty reduction, and economic growth : evidence from India," Policy Research Working Paper Series 4448, The World Bank. [Downloadable!]
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  4. Baland, Jean-Marie & Robinson, James A, 2003. "Land and Power," CEPR Discussion Papers 3800, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  5. Boucher, Stephen & Carter, Michael R., 2001. "Risk Rationing and Activity Choice in Moral Hazard Constrained Credit Markets," Staff Paper Series 445, University of Wisconsin, Agricultural and Applied Economics. [Downloadable!]
  6. Ravallion, Martin, 2009. "Why don't we see poverty convergence ?," Policy Research Working Paper Series 4974, The World Bank. [Downloadable!]
  7. Ravallion, Martin, 2004. "Pro-poor growth : A primer," Policy Research Working Paper Series 3242, The World Bank. [Downloadable!]
  8. Dilip Mookherjee & David McKenzie, 2001. "The Distributive Impact of Privatization in Latin America: Evidence from Four Countries," Boston University - Department of Economics - The Institute for Economic Development Working Papers Series dp-128, Boston University - Department of Economics, revised 2002. [Downloadable!]
  9. Frederic, DOCQUIER & Hillel, RAPOPORT & I-Leng Shen, 2007. "Remittances and inequality : A dynamic migration model," Discussion Papers (ECON - Département des Sciences Economiques) 2007003, Université catholique de Louvain, Département des Sciences Economiques. [Downloadable!]
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  10. Raffaella Castagnini & Klaus Deininger & Maria A. Gonzalez, 2004. "Comparing land reform and land markets in colombia: impacts on equity and efficiency," Policy Research Working Paper Series 3258, The World Bank. [Downloadable!]
  11. Juan Camilo Cardenas, 2002. "Real Wealth and Experimental Cooperation: Evidence from Field Experiments," Artefactual Field Experiments 0017, The Field Experiments Website. [Downloadable!]
  12. Demirguc-Kunt, Asli & Levine, Ross, 2008. "Finance and economic opportunity," Policy Research Working Paper Series 4468, The World Bank. [Downloadable!]
  13. Deininger, Klaus & Olinto, Pedro, 2000. "Asset distribution, inequality, and growth," Policy Research Working Paper Series 2375, The World Bank. [Downloadable!]
  14. Demirguc-Kunt, Asli & Levine, Ross, 2009. "Finance and inequality : theory and evidence," Policy Research Working Paper Series 4967, The World Bank. [Downloadable!]
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  15. Samuel Bowles & Arjun Jayadev, 2004. "Guard Labor: An Essay in Honor of Pranab Bardhan," Working Papers 2004-15, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
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  16. Ugo Colombino & Marilena Locatelli & Edlira Narazani & Cathal O’Donoghue & Isilda Shima, 2008. "Behavioural and Welfare Effects of Basic Income Policies: A Simulation for European Countries," CHILD Working Papers wp03_08, CHILD - Centre for Household, Income, Labour and Demographic economics - ITALY. [Downloadable!]
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  17. MacGee, James C., 2006. "Land Titles, Credit Markets and Wealth Distributions," Working Papers RP2006/150, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  18. Deininger, Klaus & Jin, Songqing & Yadav, Vandana, 2008. "Impact of Land Reform on Productivity, Land Value and Human Capital Investment: Household Level Evidence from West Bengal," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6277, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
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