scholarly journals The distribution of wealth in Spain and the USA: the role of socioeconomic factors

SERIEs ◽  
2021 ◽  
Author(s):  
Pedro Salas-Rojo ◽  
Juan Gabriel Rodríguez
Keyword(s):  
Socioeconomic Factors ◽  
Parental Education ◽  
Wealth Inequality ◽  
Latent Factors ◽  
Distribution Of Wealth ◽  
The Usa ◽  
Value Decomposition ◽  
Counterfactual Decomposition ◽  
Distribution Of Income

AbstractThe literature has typically found that the distribution of socioeconomic factors like education, labor status and income does not account for the remarkable wealth inequality disparities between countries. As a result, their different institutions and other latent factors receive all the credit. Here, we propose to focus on one type of wealth inequality, the inequality of opportunities (IOp) in wealth: the share of overall wealth inequality explained by circumstances like inheritances and parental education. By means of a counterfactual decomposition method, we find that imposing the distribution of socioeconomic factors of the USA into Spain has little effect on total, financial and real estate wealth inequality. On the contrary, these factors play an important role when wealth IOp is considered. A Shapley value decomposition shows that the distribution of education and labor status in the USA consistently increase wealth IOp when imposed into Spain, whereas the opposite effect is found for the distribution of income.

scholarly journals The Role of Credit on the Evolution of Wealth Inequality in the USA

2020 ◽  
Author(s):  
Rodolfo Oviedo Moguel
Keyword(s):  
Wealth Inequality ◽  
Household Wealth ◽  
Borrowing Constraints ◽  
Saving Rate ◽  
Heterogeneous Agent ◽  
Agent Model ◽  
Labor Earnings ◽  
Wealth Concentration ◽  
The Usa

In the USA, the share of household wealth held by the richest 1% increased from 23.5% in 1980 to 41.8% in 2012. This paper contributes to understanding the causes behind this increase. First, using an accounting decomposition, I show that more than half of the increase in the share of the top 1% can be attributed to a decrease in the saving rate of the bottom 99%. Second, using a heterogeneous agent model, I show that the decrease in the saving rate of the bottom groups cannot be rationalized by the reduction in the progressively of taxation or changes in the volatility and concentration of labor earnings. Lastly, I introduce a shock to the credit market into the model in the form of loosening the borrowing constraints of the economy. This shock can simultaneously match the increase in wealth concentration and the decrease of the saving rate of the economy.

scholarly journals Why Was a Wealth Tax for the UK Abandoned? Lessons for the Policy Process and Tackling Wealth Inequality

2011 ◽  
Vol 41 (2) ◽  
pp. 233-249 ◽  
Author(s):  
HOWARD GLENNERSTER
Keyword(s):  
United Kingdom ◽  
Policy Process ◽  
Civil Service ◽  
Wealth Inequality ◽  
Distribution Of Wealth ◽  
The United Kingdom ◽  
Inherited Wealth ◽  
Wealth Tax ◽  
The Uk

AbstractThe distribution of wealth is widening in many countries and with it the growing importance of inherited wealth. In 1974, a Labour Government came to power in the United Kingdom committed to introducing an annual wealth tax. It left office without doing so. Using the official archives of the time and those of a key advisor this paper traces both the origins of the policy and its fate at the hands of the civil service. It explores two related questions. What does this experience tell us about the role of the civil service in the policy process in the UK and what lessons might be learned by those wishing to tackle the issue of widening wealth disparities today?

THE DYNAMICS OF WEALTH INEQUALITY IN A SIMPLE RAMSEY MODEL: A NOTE ON THE ROLE OF PRODUCTION FLEXIBILITY

2009 ◽  
Vol 13 (2) ◽  
pp. 250-262 ◽  
Author(s):  
Cecilia García-Peñalosa ◽  
Stephen J. Turnovsky
Keyword(s):  
Steady State ◽  
Wealth Inequality ◽  
Initial Distribution ◽  
Distribution Of Wealth ◽  
Wide Range ◽  
Production Flexibility ◽  
Initial Wealth ◽  
Standard Values ◽  
Parameter Values

It has been shown that the Ramsey growth model with agents that differ in their initial wealth endowments is compatible with a wide range of distributional outcomes, yet it is difficult to characterize under which circumstances the distribution of wealth becomes more or less unequal. In this note, we characterize the steady state distribution of wealth and compare it to the initial distribution, obtaining analytical conditions for one to be more skewed than the other. We show that whether wealth inequality increases or decreases during the transition to the steady state depends on simple and intuitive conditions on parameter values. Standard values for these parameters indicate that it is more likely that wealth inequality decreases as the economy accumulates capital.

EPIZOOTOLOGICAL FEATURES OF MODERN CATTLE LEUKEMIA

1970 ◽  
pp. 53-58
Author(s):  
V. V. Makarov ◽  
D. A. Lozovoy
Keyword(s):  
Dairy Cattle ◽  
Western Europe ◽  
Control Programs ◽  
Foreign Countries ◽  
Negative Order ◽  
Dairy Cattle Breeding ◽  
The Usa ◽  
Epizootic Process ◽  
National Programs

  Enzootic bovine leucosis (EBL) has been known for more than a century and a half. Its occurrence and registration may have historically been associated with intensive breeding of dairy cattle in Western Europe to increase target productivity. It is known that any limiting intervention in the nature of the animal organism is always accompanied by an uncontrolled and unpredictable change in the genotype of a wider range than the required, particularly negative order. In particular, a decrease in the resistance to macroorganisms and the possibility of the new diseases emergence, including infectious ones (for example, immunodeficiencies such as BLAD syndrome of black-motley cattle and stress syndrome in pigs, the occurrence of scrapie and other slow sheep infections). In the last two decades of the last century, in many disadvantaged countries, primarily Western European, national programs for the eradication of EBL have been developed and subsequently successfully implemented. First of all the motivation was the economy of dairy cattle breeding (mainly the extension of productive age, as well as the tightening of requirements in international trade in cattle and bull products, breeding, pricing, etc.). In an analytical article are reviewed the elements of epizootology of EBL in the foreign countries with special attention to the situation in the USA, scenarios of various control programs, and promising methods for assessing the role of infected animals in the epizootic process. A critical assessment of the problem of EBL in the Russian Federation is given, the reasons for the ineffectiveness of against leucosis measures are discussed.

The Lattimore case

2017 ◽  
Author(s):  
Angela Penrose
Keyword(s):  
Cold War ◽  
Internal Security ◽  
Johns Hopkins University ◽  
The Usa ◽  
The 1950S ◽  
Witch Hunt

Edith’s career and collaboration with Fritz Machlup at Johns Hopkins University flourished and she began work on the growth of the firm, and studied the Hercules Powder Company. As Cold War tensions increased during the 1950s she and Penrose became involved in the defence of their friend and colleague Owen Lattimore who was named as the top Soviet spy by Senator McCarthy. The chapter covers the persecution of Lattimore, his trials, the role of Judge Luther Youngdahl, and the operation of his defence fund. Other friends of E. F. Penrose became victims of the anti-communist ‘witch hunt’, he grew increasingly disillusioned with the USA, and determined he must leave. In 1953 Edith and Penrose testified before the Senate Internal Security Subcommittee. They were also investigated by the FBI. After five years the case against Lattimore was dropped. Edith’s father died and her brother Harvey was killed in an air accident.

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