Inequality amongst the wealthiest and its link with economic growth
In this article, we correlate the key features of the distribution of wealth of the 500 wealthiest individuals in the Netherlands with economic growth and stock market returns for the period 1998 to 2009. We show that each year the distribution obeys a power law and that the key parameter measures the degree of inequality. Our main finding is that more inequality amongst the wealthiest is associated with higher economic growth.
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Volume (Year): 44 (2012)
Issue (Month): 22 (August)
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References listed on IDEAS
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- Barro, Robert J, 2000. "Inequality and Growth in a Panel of Countries," Journal of Economic Growth, Springer, vol. 5(1), pages 5-32, March.
- Castaldi, Carolina & Milakovic, Mishael, 2007. "Turnover activity in wealth portfolios," Journal of Economic Behavior & Organization, Elsevier, vol. 63(3), pages 537-552, July.
- Levy, Moshe & Solomon, Sorin, 1997. "New evidence for the power-law distribution of wealth," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 242(1), pages 90-94.
- Joseph Persky, 1992. "Retrospectives: Pareto's Law," Journal of Economic Perspectives, American Economic Association, vol. 6(2), pages 181-192, Spring.
- Eric Neumayer, 2004.
"The super-rich in global perspective: a quantitative analysis of the Forbes list of billionaires,"
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Taylor & Francis Journals, vol. 11(13), pages 793-796.
- Neumayer, Eric, 2004. "The super-rich in global perspective: a quantitative analysis of the Forbes list of billionaires," LSE Research Online Documents on Economics 16702, London School of Economics and Political Science, LSE Library.
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