Income Inequality and the Financial Industry

Carlo Panico and Antonio Pinto

Metroeconomica, 2018, vol. 69, issue 1, 39-59

Abstract: The paper examines how the size of the banking industry can affect inequality arguing that the wage share is influenced by the workers’ ability to capture the increases in value added per worker, by the input composition of the productive structure and by the size of the banking industry. Piketty and other literature overlook the latter two elements. After examining Piketty's interpretation, the paper underlines the relevance of considering the financial sector as an industry and ascertains the conditions for a negative influence on the wage share of the input and output composition of the productive structure.

Date: 2018
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