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Mean-spirited growth

Author

Listed:
  • Turk, Zachary
  • Groom, Ben
  • Fenichel, Eli

Abstract

We contribute to the Solow-Swan strain of economic growth literature by integrating national distributional aspects into a dynamic model of economic growth. We show that country specific optimal growth policies balance distributional “preferences” against savings propensities of different percentiles of the emerging income distribution. We then present international comparisons of growth decomposition into distributional statistics and propose new measures of economic performance. Historical economic performance reveals heterogeneous patterns of inequality increasing (e.g. US, UK, Germany, China) and decreasing (e.g. Ireland, France, Netherlands, Vietnam) economic growth around the world. These comparisons reveal the implicit efficiency-equity trade-offs in each country’s set of national economic growth and social policies.

Suggested Citation

  • Turk, Zachary & Groom, Ben & Fenichel, Eli, 2020. "Mean-spirited growth," LSE Research Online Documents on Economics 139544, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:139544
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    File URL: https://researchonline.lse.ac.uk/id/eprint/139544/
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    Keywords

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    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • P17 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Performance and Prospects
    • P27 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Performance and Prospects

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