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A Note on Income Distribution and Growth

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  • William Scarth
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    Abstract

    Many analysts expect the aging population to lead to a reduction in the growth of living standards. Income inequality – a problem that has been accentuated by the payroll tax hikes that were necessary to fund the public pension as the population ages – is becoming an increasing challenge at the same time. As a result, policy-makers need to pursue initiatives that can simultaneously address both our efficiency and our equity objectives. With the challenge of the aging population, it is all the more important that we not rely on fiscal policies that involve a trade-off between growth and equality. This paper identifies a strategy for tax policy that meets these objectives.

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    File URL: http://socserv.mcmaster.ca/qsep/p/qsep421.pdf
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    Bibliographic Info

    Paper provided by McMaster University in its series Quantitative Studies in Economics and Population Research Reports with number 421.

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    Length: 19 pages
    Date of creation: Jun 2007
    Date of revision:
    Handle: RePEc:mcm:qseprr:421

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    Keywords: fiscal policy; endogenous growth; efficiency and equity;

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    1. Frank T. Denton & Byron G. Spencer, 1997. "Population, Labour Force and Long-term Economic Growth," Quantitative Studies in Economics and Population Research Reports 336, McMaster University.
    2. Osberg, L., 1995. "The Equity/Efficiency Trade-Off in Retrospect," Department of Economics at Dalhousie University working papers archive 95-04, Dalhousie, Department of Economics.
    3. N. Gregory Mankiw, 2000. "The Savers-Spenders Theory of Fiscal Policy," American Economic Review, American Economic Association, vol. 90(2), pages 120-125, May.
    4. Malick Souare, 2003. "Macroeconomic Implications of Population Aging and Public Pensions," Social and Economic Dimensions of an Aging Population Research Papers 100, McMaster University.
    5. Solow, Robert M., 1979. "Another possible source of wage stickiness," Journal of Macroeconomics, Elsevier, vol. 1(1), pages 79-82.
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