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INTRODUCTION 2060 I. THE GREAT DIVIDE 2068 A. The Post-2008 Shifts in Capital Raising 2068 B. Dividing Investors 2073 II. RE-EXAMINING ECONOMIC RIGHTS 2075 A. Speculative Substitution 2075 B. A [...], Today, the law assumes that most households--comprised of so-called retail investors--are insufficiently sophisticated in their financial decisionmaking to invest in private equity funds. The law brackets investors according to their wealth and portfolio size, thereby restricting access to private fund investing to the retail category of investors. For some time now, scholars, policymakers, and asset managers have questioned the modern-day logic of using wealth as a proxy for investment acumen, yet legal reform has been slow to arrive. This Article explains that the rise of crypto investment options, and the speculative investment they attract, further undermines the logic of restricting retail investor access to private equity. Ultimately, the Article argues that in a crypto world--which is also hallmarked with considerable macro-economic volatility--maintaining these legal barriers to private equity investment restricts economic choice in a way that appears to be constitutionally unsupported. Ultimately, then, the Article urges broadened access to private fund investing and, in turn, an increase in the latitude of investor decisionmaking, autonomy, and choice.

TABLE OF CONTENTS INTRODUCTION I. HISTORICAL EXCLUSIONS TO "UNIVERSAL" LEGISLATION A. The Legal and Political Landscape of the New Deal B. The FLSA's New Deal Predecessor Statutes C. The FLSA's [...], Economic justice has long been a part of the civil rights agenda, and minimum labor standards statutes play a crucial role in eradicating the exploitation and subordination of historically marginalized workers. While statutes establishing labor standards are characterized as "universal," their effect has been anything but universal. Racial and ethnic minorities, women, and those at the intersection experience disproportionate violations of labor standards laws concerning minimum wage, overtime, and occupational safety and health. Through legislative maneuvering dating back to the New Deal era, Congress carved out many female workers and workers of color from core protections of minimum labor standards legislation. Due to the vigorous advocacy of civil rights groups, amendments to these statutes expanded coverage, making these statutes more inclusive of marginalized workers. Nevertheless, the exclusionary legacy of these New Deal era-laws lingers today. Black, Latinx, and female workers are more likely to be retaliated against for asserting rights or reporting employer misconduct pursuant to these statutes. Tracing the racial and gendered origins of exemptions to labor standards statutes from the early twentieth century to the present, this Article argues that, despite expanded coverage, female workers and workers of color remain largely excluded from "universal" workplace protections. Although antiworker forces previously sought to thwart creation of legal rights for marginalized workers, contemporary antiworker campaigns seek to gut marginalized workers' protections through actual and threatened retaliation. Examination of the traditional rationales for employer retaliation reveals that the retaliation disparity is incongruent with these conventional motivations. This Article argues that securing compliance with both minimum labor standards and antiretaliation reform should be integral parts of the civil rights agenda.

Together we are facing a global kairos of humanity because these years are decisive for whether our civilization will irreversibly continue to produce death or whether we find a way [...]

When the word morality comes up in connection with economics, income distribution and financial stability are usually the issues. Is it moral for rich countries to use such a high [...]

1. Introduction Ideas, like any other kind of intervention, can be timely or untimely. Whereas John Rawls's theory of domestic justice appeared at a time of post-war consensus, welfare-state building [...]

Do housing and equity booms significantly raise the probability at the margin of the realization of extreme outcomes in output and prices, and are the worst outcomes just as likely to occur as the good ones? This study addresses these questions for a group of eight East Asian countries. The risk of extreme outcomes occurring is measured by the probability of being in the tails of a distribution. The distributions of real output- and price level-gaps exhibit fat tails, in which the probability and size of the worst possible outcomes are higher than if the distribution were normal. Expected real output- and price level-losses from asset booms would therefore be larger than suggested by the normal distribution if asset price booms significantly raise the risk of extreme outcomes occurring. The main findings are that (i) asset price booms in housing and equity markets, but especially in housing, significantly raise the probability at the margin that real output- and price level-gaps will be in the tails of worst outcomes of their respective distributions and (ii) the risks arising from asset booms are not symmetric-only particularly bad outcomes are more likely. The implication for monetary policy is that an approach that is ex-ante more compatible with risk management may be appropriate. JEL classification: E44 E52 E58 Keywords: Asset booms Fat tails Symmetric and asymmetric risks Risk management

The concepts of social and economic justice, human rights and peace in Canada and the U.S. are presented. The dilemmas and challenges faced by the social workers as they fulfill the human needs and address human rights during stressful times of urbanization and industrialization is also discussed.

We examine the relationship between income inequality and corporate demography in regional labor markets and specify two mechanisms through which the number and diversity of employers in a labor market affect wage dispersion. Vertical differentiation, or variation in the ability of organizations of a particular kind to benefit from labor inputs, amplifies inequality through quality sorting, as the most productive employees in a particular domain pair with the most productive employers. Increasing horizontal differentiation--variation in the kinds of organizations--reduces inequality as individuals can more easily find firms interested in their distinctive attributes and talents. Our analysis of Danish census data provides support for each thesis. Increased numbers of organizations operating within an industry in a region, a proxy for vertical differentiation, increases wage dispersion in that industry-region. Variation in wages, however, declines with increased horizontal differentiation among employers; this is measured by the diversity of industries offering employment within a region and the variance infirm sizes in an industry-region.

This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys and 30 basis points for sells. Furthermore, we show that momentum and volatility have considerable influence on market impact costs. Other important determinants of these costs are trade type (agency, single, or principal), trade size, trading strategy, trading venue, and industry sector. Additionally, we find that the timing of trades plays a substantial role in explaining trading costs. Moreover, we also establish a cost--risk trade-off: the longer it takes to execute a trade, the lower the expected market impact costs but the higher the volatility of these costs. JEL classification: G11: G14; G23; G28 Keywords: Market impact costs; Trading costs; Price effects; Institutional equity trading

Distributive justice is examined in relation to fairness in production using a dictator game, which features the distribution phase preceded by the production phase. Findings show that the degree of fairness considerations and heterogeneity of fairness ideals affect individual behavior regarding distributive justice.

This paper documents several unique financial symptoms of Japanese economic stagnation in the 1990s. We find a surprising fall in firm-level volatility and turnover in Japanese stocks after the market crash in 1990. These results stand in sharp contrast to the U.S. case, where firm-level volatility generally increases after a market crash. Further analysis reveals a parallel sharp reduction in earnings heterogeneity among Japanese firms. Preliminary evidence suggests that the reduction in firm-level volatility may be related to Japanese business group protection. The large decrease in firm-level volatility may impede the equity market's information role, as it has made it more difficult over the past decade for both investors and managers to distinguish high quality from low-quality firms. JEL codes: G12, G14, G15 Keywords: Japanese equity market, idiosyncratic volatility, market volatility, recession., THE CHRONIC STAGNATION of the Japanese economy is puzzling in many respects. More than 10 years after Japan's stock and real estate market bubble burst, the country is still operating [...]

We report results from experiments analyzing trust and trustworthiness, which are components of social capital and have an impact on diverse economic phenomena. We conduct a within-subjects experiment where subjects participate in both the trust game and the dictator game and find that transfers in the trust game are higher and are motivated by expected reciprocation. Subjects in our experiment exhibit positive reciprocity. We find that trustworthiness in the trust game implies trust but not vice versa. Trustworthy subjects are also more generous in the dictator game. Finally we explore gender differences in behavior and find that men are more trusting than women but there are no significant gender differences in reciprocal behavior. JEL Classification: C72, C91, D83, 1. Introduction A large body of evidence suggests that 'social capital' as embodied in the tendencies to 'trust' and to 'reciprocate' trust influences a wide range of economic phenomena and [...]

The degree of market integration across individual country equity indices using modern cointegration techniques is analyzed.

The possibilities of diverting huge military budgets for world economic equalization programs are analyzed.

Equity aspects of two international standards for stabilizing global carbon dioxide emission are presented.

Byline: Christopher B. Barrett (1), Joan Esteban (2) Author Affiliation: (1) Department of Applied Economics and Management, Cornell University, 315 Warren Hall, Ithaca, NY, 14853-7801, USA (2) Institut d'Analisi Economica, CSIC Campus UAB, 08193, Bellaterra, Barcelona, Spain Article History: Registration Date: 15/06/2005 Accepted Date: 01/04/2005 Online Date: 21/10/2005 Article note: Guest Editors' Introduction To A Special Issue of the Journal of Economic Inequality

Byline: Tewodaj Mogues (1), Michael R. Carter (1) Keywords: inequality; social capital; social collateral; socio-economic polarization.; Z130 -- Social Norms and Social Capital; O--Economic Development, Technological Change, and Growth. Abstract: This paper explores the idea that the distribution of wealth across social groups fundamentally affects the evolution of economic inequality. By providing microfoundations suitable for this exploration, this paper hopes to enhance our understanding of when social forces contribute to the reproduction of economic inequality. In tackling this issue, this paper offers contributions in two domains. First, it models social capital as a real capital asset with direct use and collateral values. Second, it extends the concepts of identity, alienation and polarization originally advanced by Esteban and Ray (Esteban, J.M. and Ray, D.: On the measurement of polarization, Econometrica 62(4) (1994), 819--851). This generalization permits us to consider the multiple characteristics that shape social identity, inclusion and exclusion. It also underwrites a higher-order measure of socio-economic polarization that permits us to explore the hypothesis that economic inequality is most pernicious and persistent when it is socially embedded. Holding constant the initial levels of economic polarization and wealth inequality, we show that higher socio-economic polarization increases subsequent income and wealth inequality. Far from being a distributionally neutral panacea for missing markets, social capital in this model may itself generate exclusion and deepen existing economic cleavages. Author Affiliation: (1) Department of Agricultural and Applied Economics, University of Wisconsin, Madison, WI, 53706, USA Article History: Registration Date: 15/06/2005 Accepted Date: 01/03/2005 Online Date: 21/10/2005

Byline: Andrew Postlewaite (1), Dan Silverman (2) Abstract: There is an increasing interest in the concept of social exclusion and the related concept of social isolation and their potential role in understanding inequality. We examine the degree to which voluntary separation from social activities during adolescence affects adult wages. It is well-known that participation in high school athletic programs leads to higher adult wages. We present empirical evidence that this premium is not primarily due to selection on predetermined characteristics valued in the labor market. Author Affiliation: (1) University of Pennsylvania, 3718 Locust Walk, Philadelphia, PA, 19104-6297, USA (2) Economics Department, University of Michigan, 611 Tappan Street, Ann Arbor, MI, 48109-1220, USA Article History: Registration Date: 15/06/2005 Accepted Date: 21/06/2005 Online Date: 25/10/2005 Article note: This is a revised version of a paper presented at a conference on Theoretical Perspectives on Identity, Community and Economic Policy, Barcelona, February 2004 sponsered by The Pew Charitable Trusts.

Byline: Pundarik Mukhopadhaya (001) Author Affiliation: (001) Economics Department, Macquarie University, Sydney, Australia Article History: Registration Date: 21/12/2004

Byline: John O'Hanlon (1), Ken Peasnell (1) Keywords: equity valuation; residual income; inflation Abstract: This paper explores the question of whether the residual income valuation relationship (RIVR) should be written in inflation-adjusted terms. This question is of particular interest in the light of Ritter and Warr's (2002) claim that the standard nominal historical cost formulation of RIVR misvalues firms because it fails to deal properly with inflation. We present two inflation-adjusted formulations of RIVR, each of which is based on an income measure from the inflation accounting literature, and one of which is a general case of a formulation proposed by Ritter and Warr. We show that neither of these formulations is any more or less correct than the standard formulation of RIVR, and find no support for the view that it is necessary to write RIVR in inflation-adjusted terms. Finally we argue that, in a setting in which accounting numbers and forecasts thereof are normally presented in historical cost terms, the inflation adjustment of RIVR is likely to bring unnecessary complication to the valuation process, with increased scope for error. Author Affiliation: (1) Lancaster University Management School, Lancaster, LA1 4YX, U.K Article History: Registration Date: 04/09/2004 Article note: JEL Classification: M4

Byline: Karl Mosler (001) Keywords: inequality measurement; lift zonoid order; Lorenz order; majorization; multivariate inequality ordering Abstract: The paper investigates Lorenz dominance and generalized Lorenz dominance to compare distributions of economic status in one and several attributes. Restrictions of these dominance relations are developed that focus on central parts of the distributions and facilitate their comparison. Author Affiliation: (001) Seminar fur Wirtschafts- und Sozialstatistik, Universitat zu Koln, 50923, Koln, Germany Article History: Registration Date: 26/08/2004

Byline: John A. Weymark (1) Keywords: equity; equality of opportunity; Gini; inequality measurement; opportunity sets Abstract: This article considers the ranking of profiles of opportunity sets on the basis of their equality. A version of the Pigou--Dalton transfer principle that is appropriate for the measurement of opportunity inequality is introduced and used to axiomatize the class of generalized Gini equality of opportunity orderings. A characterization of the class of generalized Gini social preference orderings for opportunity profiles is also provided. Author Affiliation: (1) Department of Economics, Vanderbilt University, Box 1819, Station B, Nashville, TN, 37235, U.S.A. Article History: Registration Date: 06/10/2004

Byline: Carolyn J. Simmons (1), Barbara A. Bickart (2), Lauranne Buchanan (3) Keywords: Brand portfolio; retail display structure; leveraging equity; economic value of brand; markdown; strategic equivalence Abstract: Industry informants suggest that the equity of well-known, established brands can be leveraged to create value for unfamiliar or less-established brands. To the extent that cues in the retail environment imply some commonality between the high-equity brand and the less-established brand, benefits to the less-established brand may be expected. We refer to this implied commonality as strategic equivalence. Sharing the retail brand portfolio with high-equity brands is one way of establishing strategic equivalence. Display structure--whether the brands are displayed separately or intermixed--can also affect perceptions of strategic equivalence. In two studies, we demonstrate the ability of high-equity brands to increase the value of lower-equity brands in the same retail department and the ability of display structure to moderate this effect. Author Affiliation: (1) M, University of Virgina, Monroe Hall, Charlottesville, VA, 22903 (2) School of Business--Camden, Rutgers, The State University of New Jersey, USA (3) The American Graduate School of International Management, USA Article History: Registration Date: 16/10/2004

Byline: Hayyan Ul Haq This work aims to visualise the importance of a 'coordinated structure' in the contract of technology transfer that may accommodate the different interests among contractual parties and society to access patent products based on the principle of equity and justice. It shows two core problems which stem from the insufficiency of the patent regime and the failure of the doctrine of freedom of contract as the main legal framework in transferring technology. Therefore, this work elaborates some constitutive elements of fundamental rights, public interest and social functions as fundamental guidelines for the 'constitutionalising' the contract of technology transfer.

An empirical analysis of the effect of corporate and investor level taxes and leverage on the firms implied cost of equity capital, is presented.