A Theory of Trickle-Down Growth and Development
构建了一个存在不完善资本市场的增长与收入不平等模型，分析资本积累的涓滴效应，发现高积累率下经济收敛于唯一财富分布，且向穷人和中产阶级再分配财富能提高效率并加速涓滴过程，同时资本积累先扩大后缩小不平等，产生库兹涅茨曲线。
This paper develops a model of growth and income inequalities in the presence of imperfect capital markets, and it analyses the trickle-down effect of capital accumulation. Moral hazard with limited wealth constraints on the part of the borrowers is the source of both capital market imperfections and the emergence of persistent income inequalities. Three main conclusions are obtained from this model. First, when the rate of capital accumulation is sufficiently high, the economy converges to a unique invariant wealth distribution. Second, even though the trickle-down mechanism can lead to a unique steady-state distribution under laissez-faire, there is room for government intervention: in particular, redistribution of wealth from rich lenders to poor and middle-class borrowers improves the production efficiency of the economy both because it brings about greater equality of opportunity and also because it accelerates the trickle-down process. Third, the process of capital accumulation initially has the effect of widening inequalities but in later stages it reduces them: in other words, this model can generate a Kuznets curve.