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Wealth Concentration, Income Distribution, and Alternatives for the USA

Author

Listed:
  • Lance Taylor

    () (New School for Social Research)

  • Özlem Ömer

    (New School for Social Research)

  • Armon Rezai

    (Vienna University of Economics)

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; on-going 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 & Özlem Ömer & Armon Rezai, "undated". "Wealth Concentration, Income Distribution, and Alternatives for the USA," Working Papers Series 17, Institute for New Economic Thinking.
  • Handle: RePEc:thk:wpaper:17
    as

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    File URL: http://ineteconomics.org/uploads/papers/WP17-Lance-Taylor-Income-dist-wealth-concentration-0915.pdf
    File Function: First version, 2015
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    References listed on IDEAS

    as
    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. 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.
    Full references (including those not matched with items on IDEAS)

    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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