21. 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