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Wealth Concentration, Income Distribution, and Alternatives for the USA

Lance Taylor (), Ozlem Omer () and Armon Rezai

No 2015-06, SCEPA working paper series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

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; ongoing 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 (search for similar items in EconPapers)
JEL-codes: B50 D31 D33 D58 (search for similar items in EconPapers)
Pages: 49 pages
Date: 2015-09
New Economics Papers: this item is included in nep-cmp, nep-hme, nep-pbe and nep-pke
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