On Efficiency and Distribution

Robert Lucas

Economic Journal, 1992, vol. 102, issue 411, 233-47

Abstract: This paper is a theoretical study of alternative ways of allocating resources in an exchange economy in which individual preferences are subject to unpredictable shocks that cannot be monitored. Efficiency in this economy requires wealth inequality to increase over time. The paper is based on the author's 1991 Harry Johnson Lecture. Copyright 1992 by Royal Economic Society.

Date: 1992
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