Aspirations and Inequality
抱负与不平等
This paper develops a theory of socially determined aspirations, and the interaction of those aspirations with growth and inequality.The interaction is bidirectional: economy-wide outcomes determine individual aspirations, which in turn determine investment incentives and social outcomes.Thus aspirations, income and the distribution of income evolve jointly.When capital stocks lie in some compact set, steady states distributions must exhibit inequality and are typically…