Trends in the Shares of Top Wealth-Holders in Britain, 1923-1981
This paper reexamines earlier work by Atkinson and Harrison (1978, 1979), which presented a consistent series of estate-based estimates of the distribution of wealth in Englnd and Wales for the years 1923 to 1972, and conducted an econometric analysis of the trends over time in the distribution. Such a reexamination is timely for several reasons. First, estate data allowing a considerable extension of our series are now available. Second, we can conduct a test of the forecasting ability of our original econometric specification. Third, there are grounds for modifying this specification, although, as it turns out, the revised formulation performs only marginally better than the original. Finally, the newly estimated equation can be used to examine the likely impact on the distribution of wealth of recent sharp fluctuation in stock and house prices, both of which play a central role in determining changes in the share of total wealth owned by top wealth-holders. Copyright 1989 by Blackwell Publishing Ltd
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Volume (Year): 51 (1989)
Issue (Month): 3 (August)
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