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22. Veiled Repression: Mainstream Economics, Capital Theory, and the Distributions of Income and Wealth
- Author:
- Lance Taylor
- Publication Date:
- 12-2015
- Content Type:
- Working Paper
- Institution:
- Institute for New Economic Thinking (INET)
- Abstract:
- The Cambridge UK vs USA capital theory debates of the 1960s showed that the workhorse mainstream growth model relies on unsustainable assumptions. Its standard interpretation is not consistent with the last four decades of data. Part of an estimated increase in the ratio of personal wealth to income in recent years is due to higher asset prices. The other side of the accounts reveals that financialization and growing business debt partially offset the greater net worth of households. Attempts to interpret growth in wealth principally as a consequence of capitalization of rents are misleading. An alternative growth model based on Cambridge ideas can help correct these misinterpretations.
- Topic:
- Economics, Income Inequality, Economic Theory, Repression, Capital, Redistribution, and Wealth
- Political Geography:
- North America and United States of America
23. Networks and Misallocation: Insurance, Migration, and the Rural-Urban Wage Gap
- Author:
- Kaivan Munshi and Mark Rosenzweig
- Publication Date:
- 09-2015
- Content Type:
- Working Paper
- Institution:
- Institute for New Economic Thinking (INET)
- Abstract:
- We provide an explanation for the large spatial wage disparities and low male migration in India based on the trade-off between consumption-smoothing, provided by caste-based rural insurance networks, and the income-gains from migration. We provide an explanation for the large spatial wage disparities and low male migration in India based on the trade-off between consumption-smoothing, provided by caste-based rural insurance networks, and the income-gains from migration. Our theory generates two key empirically-verified predictions: (i) males in relatively wealthy households within a caste who benefit less from the redistributive (surplus- maximizing) network will be more likely to migrate, and (ii) males in households facing greater rural income-risk (who benefit more from the insurance network) migrate less. Structural estimates show that small improvements in formal insurance decrease the spatial misallocation of labor by substantially increasing migration.
- Topic:
- Migration, Income Inequality, Urban, Rural, Caste, Insurance, Redistribution, Wage Growth, and Wealth
- Political Geography:
- India and Asia
24. Wealth Concentration, Income Distribution, and Alternatives for the USA
- Author:
- Lance Taylor, Özlem Ömer, and Armon Rezai
- Publication Date:
- 09-2015
- Content Type:
- Working Paper
- Institution:
- Institute for New Economic Thinking (INET)
- 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; on-going 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).
- Topic:
- Inequality, Income Inequality, Tax Systems, Redistribution, and Wealth
- Political Geography:
- North America and United States of America
25. Wealth Concentration, Income Distribution, and Alternatives for the USA
- Author:
- Lance Taylor, Özlem Ömer, and Armon Rezai
- Publication Date:
- 09-2015
- Content Type:
- Working Paper
- Institution:
- Institute for New Economic Thinking (INET)
- 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; on-going 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).
- Topic:
- Inequality, Income Inequality, Tax Systems, Redistribution, and Wealth
- Political Geography:
- North America and United States of America
26. Pseudo-wealth Fluctuations and Aggregate Demand Effects
- Author:
- Martin Guzman and Joseph E. Stiglitz
- Publication Date:
- 04-2015
- Content Type:
- Working Paper
- Institution:
- Institute for New Economic Thinking (INET)
- Abstract:
- This paper presents a theory of pseudo-wealth in a model that displays aggregate demand externalities. With heterogeneous beliefs and a market for exploiting those differences in beliefs, pseudo-wealth will be created–i.e. the sum of expected wealth of all the individuals will be larger than what it is feasible for the society. Under some conditions, those perceptions will lead to larger levels of consumption of (tradable and non-tradable) goods, leisure, and borrowing than in a world with common beliefs. If those differences in beliefs disappear, pseudo-wealth will disappear, leading to adjustments in behavior that amplify the initial decrease in expected wealth. That is, we provide a simple general equilibrium model in which the destruction of pseudo-wealth amplifies the effects of the initial disturbance, leading to large decreases in economic activity. Importantly, this downturn is not associated with any change in the state variables that describe the economy. More generally, the paper shows that completing markets (in this case by creating a market for bets) may imply lower output both in the present and in the future, raising unsettling questions on criteria for welfare analysis.
- Topic:
- Markets, Inequality, Finance, Macroeconomics, Welfare, and Wealth
- Political Geography:
- Global Focus
27. Global Imbalances: Do They Matter?
- Author:
- Miranda Xafa
- Publication Date:
- 01-2007
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- This article reviews the recent literature on global imbalances and discusses the policy implications of the various theories that have been advanced to explain their unprecedented increase. Most of these theories fit the stylized facts, namely, the steady increase in the U.S. current account deficit, the shift to a surplus position of the developing countries, and the low nominal and real interest rates globally. The “low U.S. savings” theory—reflecting the increase in the fiscal deficit and in housing wealth—views the current account deficit as the result of fiscal and monetary policy decisions in the United States that need to be urgently reversed to prevent a crash landing. Other theories however, focusing on developments outside the United States, portfolio balance effects, or previously neglected benign factors, do not yield such a doomsday scenario. It is relevant to note that there is no historical precedent of disorderly exchange rate adjustment in industrial countries that keep inflation under control (Croke, Kamin, and Leduc 2005). Concerns over a disorderly unwinding of global imbalances therefore appear exaggerated. This view, prevalent among market participants and several prominent academics, has not been widely embraced by policymakers.
- Topic:
- Monetary Policy, Economy, Wealth, and Savings
- Political Geography:
- Global Focus and United States of America
28. Getting into the Black: Race, Wealth, and Public Policy
- Author:
- Dalton Conley
- Publication Date:
- 01-2000
- Content Type:
- Journal Article
- Journal:
- Political Science Quarterly
- Institution:
- Academy of Political Science
- Abstract:
- DALTON CONLEY examines the causes and consequences of the black-white asset gap in the United States. He argues that it is wealth, more than any other measure of socio-economic well being, that captures the nature of racial inequality in the post-civil rights era. Conley discusses policy implications that may be used to address such "equity inequity."
- Topic:
- Race, Inequality, Public Policy, and Wealth
- Political Geography:
- United States of America
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