(with Dilip Mookherjee), Review of Economic Studies 70, 369-393, 2003.
Summary. When human capital accumulation generates pecuniary externalities across professions, and capital markets are imperfect, persistent inequality in utility and consumption is inevitable in any steady state.
(with Joan Esteban), American Economic Review 98:5, 2185–2202, 2008. Online Appendix.
Summary. “In much of Asia and Africa, it is only modest hyperbole to assert that the Marxian prophecy has had an ethnic fulfillment.” — Donald Horowitz (1985).
(with Tapan Mitra), Journal of Economic Theory 147, 833–849, 2012.
Summary. We examine whether the Phelps–Koopmans theorem is valid in models with nonconvex production technologies. Dedicated to the memory of David Cass: mentor, friend and an extraordinary economic theorist.