This paper examines the income distribution and welfare effects of appropriation activities in an economy. In the short run, with a given number of firms, appropriation can narrow wage inequality between skilled and unskilled labor when the capital resources accrued by appropriators are not large. However, wage inequality widens when the capital accrued is large. In the long run, with free entry and exit of firms, an increase in appropriation can cause firms to enter when the accrued capital is not large. This gives rise to a win–win outcome by raising the wages of skilled and unskilled labor. However, if accrued capital is large, firms exit and a lose–lose situation may occur in which skilled and unskilled wages are reduced.

中文翻译：

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拨款，公司动态和工资不平等

本文研究了经济活动中拨款活动的收入分配和福利效应。在短期内，在一定数量的公司的情况下，当占用者所积累的资本资源不多时，占用者可以缩小熟练工人与非熟练工人之间的工资不平等。但是，当应计资本很大时，工资不平等就会扩大。从长远来看，随着企业的自由进出，拨款的增加会导致当应计资本不大时企业进入。通过提高熟练工人和非熟练工人的工资，可以达到双赢的结果。但是，如果产生的资本很大，企业就会退出，并可能出现亏损-亏损的情况，从而降低熟练工人和非熟练工人的工资。