The paper calculates the top income shares in Greece from 1967 (the seizure of power by the military dictatorship) until 2017 (the aftermath of the debt crisis). This long-run perspective allows for the examination of the relationship between inequality and institutional transformations, namely democracy, finance and crisis. We find in particular that (a) transition to democracy did not affect the income share of the top decile, whereas social democracy had a significant negative impact (b) financial development and liberalization substantially increased all top decile shares (c) debt crisis, consolidation and recession were beneficial for the upper ranks of the top decile.
This paper develops a theoretical framework for modeling farm households' joint production and consumption decisions in the presence of technical inefficiency. Following Lopez (1984), a household model where farmers display different preferences between on-farm and off-farm labor is adopted while their production activity can be subject to technical inefficiency. The presence of technical inefficiency does not only lead to the inability of farmers to achieve maximal output but it will also affect the consumption allocation and the household's labor supply decisions through its effect on both income and on the shadow price of on-farm labor, leading to overall household inefficiency.
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