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?


CesIfo Economic Studies 2015.

Summary. Yes, capital must displace labor, but not because r > g. This article is based on this blog post, Branko Milanovic objected here; I replied. Piketty replies to some of his critics here.


Status, Intertemporal Choice, and Risk-Taking

(with Arthur Robson), Econometrica  801505–1531 (2012). Online Appendix.

Summary. This paper studies endogenous risk-taking by embedding a concern for status (relative consumption) into an otherwise conventional model of economic growth. We prove that if the intertemporal production function is strictly concave, an equilibrium must converge to a unique steady state in which there is recurrent endogenous risk taking.

Polarization: Concepts, Measurement, Estimation

(with Jean-Yves Duclos and Joan Esteban), Econometrica 72, 1737–1772, 2004.

Summary. We develop the measurement theory of polarization for the case in which income distributions can be described using density functions. The main theorem uniquely characterizes a class of polarization measures that fits into what we call the “identity-alienation” framework, and simultaneously satisfies a set of axioms. Here is a link to a somewhat expanded version, which was published in C. Barrett (ed), The Social Economics of Poverty: Identities, Groups, Communities and Networks, London: Routledge (2005).