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Under very general conditions, we construct a micro-macro model for closedeconomy with a large number of heterogeneous agents. By introducing bothfinancial capital (i.e. valued capital---- equities of firms) and physicalcapital (i.e. capital goods), our framework gives a logically consistent,complete factor income distribution theory with micro-foundation. The modelshows factor incomes obey different distribution rules at the micro and macrolevels, while marginal distribution theory and no-arbitrage princi-ple areunified into a common framework. Our efforts solve the main problems ofCambridge capital controversy, and reasonably explain the equity premiumpuzzle. Strong empirical evidences support our results.

A Contribution to Theory of Factor Income Distribution, Cambridge Capital Controversy and Equity Premium Puzzle