Economic growth, wealth, and well-being: Is there an intergenerational divide?

Miguel Artola Blanco

EKONOMIAZ. Revista vasca de Economía, 2022, vol. 101, issue 01, 222-237

Abstract: This paper reviews the main mechanisms that explain the growing divergence in economic well-being between age groups. The changing patterns in the labour market are well documented and consistently show that young workers have been negatively impacted by the reductions in relative skill premiums, the rise of new forms of contracting (part-time and freelance), and the growing weight of unemployment. Wealth inequalities are also rising, not only for the most obvious transmission channel (savings) but also because capital gains have disproportionately benefited the elderly. We conclude by reviewing possible futures paths and the effects of wealth transfers.

Keywords: income and wealth inequality; living standards; life cycle models and saving (search for similar items in EconPapers)
JEL-codes: D31 D91 I31 J12 (search for similar items in EconPapers)
Date: 2022
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