Wealth Concentration, Income Distribution, and Alternatives for the USA

48 Pages Posted: 2 Oct 2015

See all articles by Lance Taylor

Lance Taylor

The New School - Bernard Schwartz Center for Economic Policy Analysis (CEPA)

Ozlem Omer

New School for Social Research

Armon Rezai

Vienna University of Economics and Business

Date Written: September 2015

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).

Keywords: Wealth distribution, income distribution, Cambridge theory

JEL Classification: D31, D33, D58, B50

Suggested Citation

Taylor, Lance and Omer, Ozlem and Rezai, Armon, Wealth Concentration, Income Distribution, and Alternatives for the USA (September 2015). Institute for New Economic Thinking Working Paper Series No. 17, Available at SSRN: https://ssrn.com/abstract=2667880 or http://dx.doi.org/10.2139/ssrn.2667880

Lance Taylor (Contact Author)

The New School - Bernard Schwartz Center for Economic Policy Analysis (CEPA) ( email )

80 Fifth Ave.
5th Floor
New York, NY 10027
United States

Ozlem Omer

New School for Social Research ( email )

6 East 16th Street
New York, NY 10003
United States

Armon Rezai

Vienna University of Economics and Business ( email )

Welthandelsplatz 1
Vienna, Wien 1020
Austria

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