We study the consequences of markups for long-run economic growth in a model of firm-driven endogenous technological change. In this framework, differentiated firms engage in monopolistic competition, charge heterogeneous markups, and make …
In 1976, 4% of inventors in the U.S. were women, and by 2020, that fraction had only moved up to 12%. Under the natural assumption that there are no intrinsic differences in inventive potential across genders, the scarcity of women in innovation …
We construct a measure of consumption-equivalent welfare for Black and White Americans. Our statistic incorporates life expectancy, consumption, leisure, and inequality. Based on this incomplete list of factors, welfare for Black Americans was 43% of …