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Inequality and its discontents

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  • Brian Nolan
  • Luis Valenzuela

Abstract

Inequality in the distribution of income and wealth has come to the fore as a core concern across the industrialized world. Here we examine what has happened to income inequality across the rich countries in recent decades. We discuss the range of factors that appear to be driving inequality upwards, notably the role of technological change, globalization, and national institutions and policies. We look at how rising inequality might undermine economic growth and squeeze the middle, and assess the extent to which it has actually done so. We assess whether rising inequality is associated with worsening outcomes and inequalities across various social domains. Finally, we review emerging evidence on the role that rising inequality may be playing in the ‘revolt of the angry’ and rise of populism.

Suggested Citation

  • Brian Nolan & Luis Valenzuela, 2019. "Inequality and its discontents," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 35(3), pages 396-430.
    • Handle: RePEc:oup:oxford:v:35:y:2019:i:3:p:396-430.
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    File URL: http://hdl.handle.net/10.1093/oxrep/grz016
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    Citations

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    Cited by:

    1. Brzezinski, Michal, 2022. "Does income redistribution impede innovation?," Research Policy, Elsevier, vol. 51(10).
    2. Derick R. C. Almeida & João A. S. Andrade & Adelaide Duarte & Marta Simões, 2022. "Human Capital Disparities and Earnings Inequality in The Portuguese Private Labour Market," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 159(1), pages 145-167, January.
    3. Edgar J. Wilson & Kankesu Jayanthakumaran & Reetu Verma, 2022. "Urban poverty, growth, and inequality: A needed paradigm shift?," Review of Development Economics, Wiley Blackwell, vol. 26(2), pages 941-961, May.
    4. Kim, Dong-Hyeon & Lin, Shu-Chin, 2023. "Income inequality, inflation and financial development," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 468-487.
    5. Ines A. Ferreira & Rachel M. Gisselquist & Finn Tarp, 2021. "On the impact of inequality on growth, human development, and governance," WIDER Working Paper Series wp-2021-34, World Institute for Development Economic Research (UNU-WIDER).
    6. Tim Goedemé & Brian Nolan & Marii Paskov & David Weisstanner, 2022. "Occupational Social Class and Earnings Inequality in Europe: A Comparative Assessment," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 159(1), pages 215-233, January.
    7. Yihui Pan & Elena S. Pikulina & Stephan Siegel & Tracy Yue Wang, 2022. "Do Equity Markets Care about Income Inequality? Evidence from Pay Ratio Disclosure," Journal of Finance, American Finance Association, vol. 77(2), pages 1371-1411, April.
    8. Dagim Tadesse Bekele, 2020. "Effect of Macroeconomic, Demographic, and Governance Factors on Income Inequality of Selected sub-Saharan Africa Countries," Journal of Economic Development, Environment and People, Alliance of Central-Eastern European Universities, vol. 9(1), pages 60-70, September.
    9. Sandher, Jeevun, 2022. "Familiar Faces, Worn Out Places: The Effect of Personal and Place Prosperity On Well-Being," SocArXiv am6gq, Center for Open Science.

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