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Wealth Concentration, Income Distribution, and Alternatives for the USA

Author

Listed:
  • Lance Taylor

    (New School for Social Research)

  • Ozlem Omer

    (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 & Ozlem Omer & Armon Rezai, 2015. "Wealth Concentration, Income Distribution, and Alternatives for the USA," Working Papers Series 17, Institute for New Economic Thinking.
    • Handle: RePEc:thk:wpaper:17
    DOI: 10.2139/ssrn.2667880
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    Cited by:

    1. Joana David Avritzer, 2020. "Estimation of a long run regime for growth and demand through different filtering methods," Working Papers 2004, New School for Social Research, Department of Economics, revised Oct 2020.
    2. Lance Taylor, 2015. "Veiled Repression: Mainstream Economics, Capital Theory, and the Distributions of Income and Wealth," SCEPA working paper series. 2015-08, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    3. Stefan Ederer & Maximilian Mayerhofer & Miriam Rehm, 2021. "Rich and ever richer? Differential returns across socioeconomic groups," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 44(2), pages 283-301, April.
    4. Milanovic, Branko, 2015. "Increasing capital income share and its effect on personal income inequality," MPRA Paper 67661, University Library of Munich, Germany.
    5. Stefan Ederer & Miriam Rehm, 2021. "Wealth inequality and aggregate demand," Metroeconomica, Wiley Blackwell, vol. 72(2), pages 405-424, May.
    6. Ben Tippet & Özlem Onaran & Rafael Wildauer, 2024. "The Effect of Labor's Bargaining Power on Wealth Inequality in the UK, USA, And France," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 70(1), pages 102-128, March.
    7. Ansel Schiavone, 2020. "Essentially Unemployed: Potential Implications of the COVID-19 Crisis on Wage Inequality," Working Paper Series, Department of Economics, University of Utah 2020_06, University of Utah, Department of Economics.

    More about this item

    Keywords

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    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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