Search results

1 – 10 of over 23000
To view the access options for this content please click here
Book part
Publication date: 14 July 2006

Simon Kelly

The distribution of income and wealth are generally regarded as key performance indicators of a society. Cross-sectional analyses of Australian income and wealth

Abstract

The distribution of income and wealth are generally regarded as key performance indicators of a society. Cross-sectional analyses of Australian income and wealth distributions at various points in time have found that both are highly unequal. However, lifetime distributions may be quite different. This paper provides some insight into the differences for one of these distributionswealth.

A dynamic microsimulation model of the Australian population is used to project the cross-sectional and lifetime asset holdings of a 5-year birth cohort over a period of 40 years. The annual personal net worth of this birth cohort are analysed in regard to age and net worth, the changing wealth distribution within the cohort, wealth mobility, and a comparison of lifetime and cross-sectional distributions.

Details

Dynamics of Inequality and Poverty
Type: Book
ISBN: 978-0-76231-350-1

To view the access options for this content please click here
Book part
Publication date: 26 August 2015

Markus Jäntti, Eva M. Sierminska and Philippe Van Kerm

This paper considers a parametric model for the joint distribution of income and wealth. The model is used to analyze income and wealth inequality in five OECD countries…

Abstract

This paper considers a parametric model for the joint distribution of income and wealth. The model is used to analyze income and wealth inequality in five OECD countries using comparable household-level survey data. We focus on the dependence parameter between the two variables and study whether accounting for wealth and income jointly reveals a different pattern of social inequality than the traditional “income only” approach. We find that cross-country variations in the dependence parameter effectively account only for a small fraction of cross-country differences in a bivariate measure of inequality. The index appears primarily driven by differences in inequality in the wealth distribution.

Details

Measurement of Poverty, Deprivation, and Economic Mobility
Type: Book
ISBN: 978-1-78560-386-0

Keywords

To view the access options for this content please click here
Article
Publication date: 1 February 1996

Eoin Reeves and Eoin O’Sullivan

The distribution of personal wealth in the Republic of Ireland has not been estimated since the 1970s. While the publication of those estimates did lead to governmental…

Downloads
727

Abstract

The distribution of personal wealth in the Republic of Ireland has not been estimated since the 1970s. While the publication of those estimates did lead to governmental attempts to redistribute wealth, the attempts were stifled by the opposition of powerful interest groups. Highlights the dearth of information on the distribution of wealth in Ireland since then and draws attention to the underlying social, political and economic reasons. Postulates that the reasons for this paucity of information are: the perceived irrelevance of the wealth distribution as an indicator of welfare; the problems normally associated with the available estimation techniques; consequent search costs; and inevitably strong opposition to the governmental attempts to redistribute should evidence of high inequality be produced. In the tradition of Tawney and Titmuss, argues that it is in the interest of a healthy society that the facts regarding such an issue be known.

Details

International Journal of Social Economics, vol. 23 no. 2
Type: Research Article
ISSN: 0306-8293

Keywords

To view the access options for this content please click here

Abstract

Details

Histories of Economic Thought
Type: Book
ISBN: 978-0-76230-997-9

To view the access options for this content please click here
Book part
Publication date: 16 September 2019

Louis Chauvel, Anne Hartung, Eyal Bar-Haim and Philippe Van Kerm

The study of the upper tail of the income and wealth distributions is important to the understanding of economic inequality. By means of the ‘isograph’, a new tool to…

Abstract

The study of the upper tail of the income and wealth distributions is important to the understanding of economic inequality. By means of the ‘isograph’, a new tool to describe income or wealth distributions, the authors compare wealth and income and wealth-to-income ratios in 16 European countries and the United States using data for years 2013/2014 from the Eurozone Household Finance and Consumption Survey and the US Survey on Consumer Finance. Focussing on the top half of the distribution, the authors find that for households in the top income quintile, wealth-to-income ratios generally increase rapidly with income; the association between high wealth and high incomes is highest among the highest percentiles. There is generally a positive relationship between median wealth in the country and the wealth of the top 1%. However, the United States is an outlier where the median wealth is relatively low but the wealth of the top 1% is extremely high.

Details

What Drives Inequality?
Type: Book
ISBN: 978-1-78973-377-8

Keywords

To view the access options for this content please click here
Book part
Publication date: 5 January 2006

John A. James, Michael G. Palumbo and Mark Thomas

Based on empirical patterns of annual earnings and saving from new micro-data covering a large sample of American workers around a hundred years ago, we develop a model…

Abstract

Based on empirical patterns of annual earnings and saving from new micro-data covering a large sample of American workers around a hundred years ago, we develop a model for simulating the cross-section distribution of wealth at the turn of the twentieth century. Our methodology allows for a direct comparison with the wealth distribution from a sample of families in a comparable part of the contemporary income distribution. Our primary finding is that patterns of wealth accumulation among American workers at the turn of the century bear a striking resemblance to contemporary profiles.

Details

Research in Economic History
Type: Book
ISBN: 978-1-84950-379-2

To view the access options for this content please click here
Book part
Publication date: 30 September 2014

Karina Doorley and Eva Sierminska

Using harmonized wealth data and a novel decomposition approach in this literature, we show that cohort effects exist in the income profiles of asset and debt portfolios…

Abstract

Using harmonized wealth data and a novel decomposition approach in this literature, we show that cohort effects exist in the income profiles of asset and debt portfolios for a sample of European countries, the United States, and Canada. We find that the association between household wealth portfolios at the intensive margin (the level of assets) and household characteristics is different from that found at the extensive margin (the decision to own). Characteristics explain most of the cross-country differences in asset and debt levels, except for housing wealth, which displays large unexplained differences for both the under-50 and over-50 populations. However, there are cohort differences in the drivers of wealth levels. We observe that younger households’ levels of wealth, given participation, may be more responsive to the institutional setting than mature households. Our findings have important implications, indicating a scope for policies which can promote or redirect investment in housing for both cohorts and which promote optimal portfolio allocation for mature households.

Details

Economic Well-Being and Inequality: Papers from the Fifth ECINEQ Meeting
Type: Book
ISBN: 978-1-78350-556-2

Keywords

To view the access options for this content please click here
Book part
Publication date: 5 February 2016

Neil Fligstein and Zawadi Rucks-Ahidiana

The 2007–2009 financial crisis initially appeared to have destroyed a huge amount of wealth in the United States. Housing prices dropped about 21% across the country and…

Abstract

The 2007–2009 financial crisis initially appeared to have destroyed a huge amount of wealth in the United States. Housing prices dropped about 21% across the country and as much as 50% in some places, and the stock market dropped by nearly 50% as well. This chapter examines how the financial crisis differentially affected households at different parts of the income and wealth distributions. Our results show that all households lost about the same percentage of their wealth in that period. But because households in the top 10% of the wealth distribution owned many different kinds of assets, their wealth soon recovered. The bottom 80% of the wealth distribution had more of their wealth tied up in housing. We show that financial distress, indexed by foreclosures, being behind in mortgage payments, and changes in house prices were particularly concentrated in households in the bottom 80% of the wealth distribution. These households lost a large part of their wealth and have not yet recovered. Households that were most deeply affected were those who entered the housing market late and took out subprime loans. African American and Hispanic households were particularly susceptible as they bought houses late in the price bubble often with subprime loans.

Details

A Gedenkschrift to Randy Hodson: Working with Dignity
Type: Book
ISBN: 978-1-78560-727-1

To view the access options for this content please click here
Book part
Publication date: 9 April 2008

Lennart Flood and Anders Klevmarken

It is not easy to get a long perspective on the distribution of wealth in Sweden because there is no single data source that gives a consistent view for a long period of

Abstract

It is not easy to get a long perspective on the distribution of wealth in Sweden because there is no single data source that gives a consistent view for a long period of time. The early estimates of the distribution of wealth were based on the concept of tax-assessed wealth which is the basis of the wealth tax. This definition has the disadvantage of not including assets that were not taxed, and no or very unreliable data were given for the majority of the tax payers who were below the taxation threshold. Furthermore, this variable was defined for individuals and for jointly taxed individuals, but no economically meaningful household concept was available. Register data have since then improved, in particular after the late 1990s when data became available directly from banks, brokers, and insurance companies without the filtering of the tax payers. The problem with the household definition remains, but in SESIM we have made corrections to get a useful definition (see Chapter 3). A relatively large survey (HEK) run by Statistics Sweden which combines survey information about the household with register data on assets estimates the median household wealth to 156000 SEK in 1999 and 197000 SEK in 2003.2 The latter estimate is in the 1999 price level.3 These estimates apply to all households independent of age. As will be shown below, the level of wealth depends very much on age.

Details

Simulating an Ageing Population: A Microsimulation Approach Applied to Sweden
Type: Book
ISBN: 978-0-444-53253-4

Content available
Article
Publication date: 22 December 2020

Yinxing Hong

The socialist political economy with Chinese characteristics reflects the characteristics of ushering into a new era, and the research object thereof shifts to productive…

Downloads
1076

Abstract

Purpose

The socialist political economy with Chinese characteristics reflects the characteristics of ushering into a new era, and the research object thereof shifts to productive forces. Emancipating and developing productive forces and achieving common prosperity become the main theme. Wealth supersedes value as the fundamental category of economic analysis.

Design/methodology/approach

The theoretical system of socialist political economy with Chinese characteristics cannot proceed from transcendental theories but is problem-oriented. Leading problems involve development stages and research-level problems.

Findings

The economic operation analysis is subject to the goal of optimal allocation of resources with micro-level analysis focused on efficiency and macro-level analysis focused on economic growth and macroeconomic stability also known as economic security. The economic development analysis explores the laws of development and related development concepts in compliance with laws of productive forces. The new development concepts i.e. the innovative coordinated green open and shared development drive the innovation of development theory in political economy.

Originality/value

Accordingly, the political economy cannot study the system only, but also needs to study the problems of economic operation and economic development. Therefore, the theoretical system of the political economy tends to encompass three major parts, namely economic system, economic operation and economic development (including foreign economy). The basic economic system analysis needs to understand the relationship between public ownership and non-public ownership, between distribution according to work and factor payments, and between socialism and market economy from the perspective of coexistence theory, thus transforming institutional advantage into governance advantage.

Details

China Political Economy, vol. 3 no. 2
Type: Research Article
ISSN: 2516-1652

Keywords

1 – 10 of over 23000