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By Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky

This can be the 3rd of 3 volumes containing edited types of papers and commentaries provided in invited symposium periods of the 8th global Congress of the Econometric Society. The papers summarize and interpret contemporary key advancements and talk about destiny instructions in a variety of subject matters in economics and econometrics. The papers hide either conception and purposes. Written by way of best experts of their fields those volumes offer a distinct survey of development within the self-discipline.

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Additional resources for Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress, Volume III (Econometric Society Monographs)

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High-wage economies, in their argument, allow the children of the poor to become entrepreneurs, with the result that the demand for labor and wages remains high. What is key in all of these cases is a perverse price effect: In the presence of capital market imperfections, price changes can have powerful wealth effects 45 For a more elaborate discussion of this point, see Banerjee and Newman (1993). Contracting Constraints, Credit Markets, and Economic Development 31 that make it possible that an increase in the price actually leads to an increase in the excess demand.

The very lucky and the very talented among the poor will probably manage to escape their background, and some of the rich will surely manage to squander their patrimony. The robust implication of this model is rather that economic mobility 40 In terms of our notation, the assumption he makes is that the amount bequeathed is a strictly convex function of end-of-period income over some range, whereas we have so far assumed that it is a linear function. It is easy to see that this can generate a poverty trap; essentially the rich benefit from the fact that rich parents leave bequests that are disproportionately large relative to their wealth.

They find that an extra one rupee of credit increases profits, net of interest, by more than one rupee. Duflo (2000) finds evidence of strong income effects on investment in the health of young girls in South Africa, though it is not clear that it primarily reflects the effect on access to credit. However, these studies are relatively recent, and only time can tell whether their results will turn out to be robust enough to be the foundations of a theory of development. As of now, as in many other instances, theory seems to be ahead of the evidence.

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