Download Inequality and Growth: Patterns and Policy: Volume I: by Kaushik Basu PDF

By Kaushik Basu

It used to be a part of universal knowledge that during the early levels of improvement inequality may upward push, however it may, finally, decline. As time handed and development endured inequality has, even though, persisted to develop, casting doubt at the bought wisdom.

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Extra resources for Inequality and Growth: Patterns and Policy: Volume I: Concepts and Analysis

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66 If the savings rate of workers increases, for instance because of increased expected retirement longevity,67 workers’ wealth increases proportionately, while aggregate wealth remains unchanged. By the same token, in this model, if the Joseph E. Stiglitz 19 generosity of social security increases, so the savings rate of workers decreases, workers’ wealth (excluding their claims on social security) decreases proportionately, while aggregate wealth remains unchanged (in a pay-as-you-go system).

We explain why the composition of wealth between capitalists and life cycle savers are different; and financial and monetary policies that differentially affect different assets can have accordingly a marked effect on wealth distribution. More generally, we argue that the way Joseph E. Stiglitz 5 our credit system functions (or mal-functions) has played an important role both in the increase in the wealth–income ratio and in the increase in wealth inequality. Part I: Key Anomalies and Their Resolution The puzzles presented by the new stylized facts.

Financial sector “innovations” that encouraged those at lower wealth not to save and regressive capital taxation might, for instance, accomplish this. 79 Central to our resolution of these puzzles, we suggested, was the understanding that wealth and capital were different concepts. 80 In this part, we present a series of models that might account for much of the increase in the value of wealth taking the form of an increase in the price of land. These models not only help us understand the increase in the wealth– income ratio, but also the increase in wealth inequality.

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