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Wealth Concentration, Income Distribution, and Alternatives for the USA

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Abstract

US household wealth concentration is not likely to decline in response to fiscal interventions alone. Creation of an independent public wealth fund could lead to greater equality. Similarly, once-off tax/transfer packages or wage increases will not reduce income inequality significantly; ongoing wage increases in excess of productivity growth would be needed. These results come from the accounting in a simulation model based on national income and financial data. The theory behind the model borrows from ideas that originated in Cambridge UK (especially from Luigi Pasinetti and Richard Goodwin).

Suggested Citation

  • Lance Taylor & Ozlem Omer & Armon Rezai, 2015. "Wealth Concentration, Income Distribution, and Alternatives for the USA," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2015-06, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
  • Handle: RePEc:epa:cepawp:2015-06
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    References listed on IDEAS

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    1. Edward N. Wolff, 2012. "The Asset Price Meltdown and the Wealth of the Middle Class," NBER Working Papers 18559, National Bureau of Economic Research, Inc.
    2. Luigi L. Pasinetti, 1962. "Rate of Profit and Income Distribution in Relation to the Rate of Economic Growth," Review of Economic Studies, Oxford University Press, vol. 29(4), pages 267-279.
    3. Lance Taylor & Armon Rezai & Rishabh Kumar & Nelson Barbosa & Laura Carvalho, 2017. "Wage increases, transfers, and the socially determined income distribution in the USA," Review of Keynesian Economics, Edward Elgar Publishing, vol. 5(2), pages 259-275, April.
    4. David Kiefer & Codrina Rada, 2015. "Profit maximising goes global: the race to the bottom," Cambridge Journal of Economics, Oxford University Press, vol. 39(5), pages 1333-1350.
    5. Krueger, Anne O, 1974. "The Political Economy of the Rent-Seeking Society," American Economic Review, American Economic Association, vol. 64(3), pages 291-303, June.
    6. Nelson H. Barbosa-Filho & Lance Taylor, 2006. "Distributive And Demand Cycles In The Us Economy-A Structuralist Goodwin Model," Metroeconomica, Wiley Blackwell, vol. 57(3), pages 389-411, July.
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    Cited by:

    1. Stefan Ederer & Maximilian Mayerhofer & Miriam Rehm, 2019. "Rich and ever richer: Differential returns across socio-economic groups," Working Papers PKWP1914, Post Keynesian Economics Society (PKES).
    2. Lance Taylor, 2015. "Veiled Repression: Mainstream Economics, Capital Theory,and the Distributions of Income and Wealth," Working Papers Series 32, Institute for New Economic Thinking.
    3. repec:bla:devchg:v:49:y:2018:i:2:p:302-329 is not listed on IDEAS
    4. Lance Taylor, 2015. "Veiled Repression: Mainstream Economics, Capital Theory, and the Distributions of Income and Wealth," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2015-08, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.

    More about this item

    Keywords

    Wealth distribution; income distribution; Cambridge theory;

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

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