Julius Silver Professor, Faculty of Arts and Science, and
Professor of Economics, New York University

Co-Editor, American Economic Review
Research Associate, NBER
Part-Time Professor, University of Warwick

Department of EconomicsNYU, 19 West 4th Street
New York, NY 10012, U.S.A.
debraj.ray@nyu.edu, +1 (212)-998-8906.

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Three more?

Is Equality Stable?

(with Dilip Mookherjee), American Economic Review (Papers and Proceedings) 92, 253–259, 2002.

Summary. We explore the view, further developed in our other work, that inequality is an inevitable consequence of the market mechanism.

Aspirations And The Development Treadmill

Journal of Human Development and Capabilities 17, 309–323, 2016.

Summary. I describe a positive theory of socially determined aspirations, and some implications of that theory for the study of economic inequality and social conflict. The main contribution of the theory is that it attempts to describe, in the same explanatory arc, how a change in aspirations can be inspirational in some circumstances, or a source of frustration and resentment in others. These different reactions arise from the aspirational gap: the difference between socially generated aspirations and the current socio-economic standard that the individual enjoys. Ever-accelerating economic development can cut both ways in terms of inspiration and frustration.

Inequality and Inefficiency in Joint Projects

(with Jean-Marie Baland and Olivier Dagnelie), Economic Journal 117, 922-935, 2007.

SummaryA group of agents voluntarily participates in a joint project, in which efforts are not perfectly substitutable. The output is divided according to some given vector of shares. A share vector is unimprovable if no other share vector yields a higher sum of payoffs. We describe unimprovable share vectors.