scholarly journals Inheritance, gifts and the accumulation of wealth for low-income households

2021 ◽  
Vol 31 (5) ◽  
pp. 533-548
Author(s):  
Salvatore Morelli ◽  
Brian Nolan ◽  
Juan C Palomino ◽  
Philippe Van Kerm
Keyword(s):  
Low Income ◽  
Transfer Scheme ◽  
Wealth Transfer ◽  
Policy Responses ◽  
The Past ◽  
Low Incomes ◽  
Marked Decline ◽  
Rich Countries ◽  
Low Income Households

Many low-income households in rich countries have very little wealth, but the role of intergenerational wealth transmission in underpinning this deficit is not known. This article seeks to fill that gap by investigating patterns of past wealth transfer receipt for low-income versus other households in seven rich countries and assessing the contribution that these transfers, or their absence, make to current wealth levels. We find that households on low incomes are relatively disadvantaged in terms of intergenerational transfers received in the past, both in terms of the likelihood of having received any and the amounts received by those who do benefit from such transfers. The role that this disadvantage plays in the linkage between current low-income and low wealth is assessed and evidence presented that it is significant. Simulation of a universal wealth transfer scheme or ‘capital endowment’ on reaching adulthood for two countries shows that such a policy could lead to a marked decline in the proportion of low-income adults with negative or no wealth. This and alternative or complementary policy responses to these wealth deficits merit the most serious attention.

scholarly journals Inheritance, Gifts and the Wealth Deficit of Low-Income Households

2021 ◽  
Author(s):  
Salvatore Morelli ◽  
Brian Nolan ◽  
Juan Palomino ◽  
Philippe Van Kerm
Keyword(s):  
Low Income ◽  
Transfer Scheme ◽  
Wealth Transfer ◽  
Working Paper ◽  
Policy Responses ◽  
Low Incomes ◽  
Marked Decline ◽  
Rich Countries ◽  
Low Income Households

Many low-income households in rich countries have very little wealth, but the role of intergenerational wealth transmission in underpinning this deficit is not known. This paper seeks to fill that gap by investigating patterns of past wealth transfer receipt for low-income versus other households in seven rich countries and assessing the contribution that these transfers, or their absence, make to current wealth levels. We find that households on low incomes are relatively disadvantaged in terms of intergenerational transfers received in the past, both in terms of the likelihood of having received any and the amounts received by those who do benefit from such transfers. The role that this disadvantage plays in the linkage between current low income and low wealth is assessed and evidence presented that it is significant. Simulation of a universal wealth transfer scheme or ‘capital endowment’ on reaching adulthood for two countries shows that such a policy could lead to a marked decline in the proportion of low-income adults with no wealth. This and alternative or complementary policy responses to these wealth deficits merit the most serious attention. (Stone Center on Socio-Economic Inequality Working Paper)

The Political Economy of Easy Credit Policies

2016 ◽  
pp. 84
Author(s):  
Karim Azizi ◽  
Thibault Darcillon
Keyword(s):  
Political Economy ◽  
Low Income ◽  
Recent Literature ◽  
Consumer Credit ◽  
Majority Voting ◽  
The Political ◽  
Aggregate Consumption ◽  
The Past ◽  
Marginal Effects

During the past thirty years, U.S. economic growth has disproportionately benefited the richest percentiles of the American population, i.e., the top income earners. Although this phenomenon is difficult to explain from a “standard” political economy perspective (i.e., majority voting), recent literature emphasizes the role of consumer credit as a means of circumventing costly public redistribution. According to this theory, most OECD and, notably, American policymakers should have facilitated middleclass and low-income households’ access to consumer credit to cushion the effects of increased income inequality (i.e., an increased share of GDP held by top earners). Our contribution to this literature is to argue that increases in inequality (as measured by expansions in the share of GDP held by top income earners) should be associated with aggregate consumption increases. Indeed, in response to increased inequality, easy credit policies stimulate low-income and middle-class consumption, which contributes to an increased aggregate consumption level. Using a panel dataset of 20 developed OECD economies between 1980 and 2007, we show that such increases in inequality are actually associated with expansions of aggregate consumption. Finally, when computing marginal effects, we conclude that these expansions increase with the size of the financial sector.

Taxes alone will not close the wealth gap in Africa

2016 ◽  
Keyword(s):  
Low Income ◽  
Income Tax ◽  
Tax Rates ◽  
African Countries ◽  
Content Type ◽  
The Past ◽  
Revenue Sources ◽  
Low Incomes ◽  
Political Patronage ◽  
Per Capita

Subject Taxation effects on inequality in Africa. Significance Economic inequalities in African countries have failed to decline significantly despite gradual growth in per capita GDP over the past several years. Progressive taxation is weak in many countries, but improving this source of revenue alone will not close the inequality gap for some of the world's poorest. Impacts Political patronage and fear of elite emigration will discourage politicians from proposing progressive taxes. If introduced, higher taxes would only reduce inequality if collected transparently and invested in services for those with low incomes. Low income tax rates will limit revenue flows to fund major infrastructure projects, especially if other revenue sources are depressed.

Financial Aid: A Broken Bridge to College Access?

2007 ◽  
Vol 77 (1) ◽  
pp. 39-63 ◽  
Author(s):  
BRIDGET TERRY LONG ◽  
ERIN RILEY
Keyword(s):  
Financial Aid ◽  
College Access ◽  
Low Income ◽  
Students Of Color ◽  
Unmet Need ◽  
Low Income Students ◽  
Financial Aid Policy ◽  
The Past ◽  
Aid Policy

In this article, Bridget Terry Long and Erin Riley argue that in recent years, U.S. financial aid policy has shifted its emphasis from expanding college access for lowincome students toward defraying the costs for middle- and upper-income families. They explain how loans, merit-based aid, and education tax breaks are increasingly replacing need-based aid and discuss how the declining role of grants may disproportionately disadvantage students already underrepresented in higher education. They document the rise in students' unmet financial needs over the past decade, showing that low-income students and students of color are especially likely to face substantial unmet need even after taking into account all available grants and loans, as well as family contributions. In response to these trends, the authors call for a greater emphasis on need-based aid, especially grants, to reduce the role of cost as a barrier to college access.

Low Income Households: Casualties of the Boom, Casualties of the Bust?

2011 ◽  
Vol 11 (1) ◽  
pp. 81-91 ◽  
Author(s):  
Grahame Whitfield ◽  
Chris Dearden
Keyword(s):  
Economic Growth ◽  
Financial Institutions ◽  
Low Income ◽  
Rapid Change ◽  
Credit Crunch ◽  
Low Incomes ◽  
Economic Boom ◽  
The Uk ◽  
The Impact ◽  
Low Income Households

This article reflects on research undertaken with low income households over a 12 month period following the ‘credit crunch’, a period characterised by rapid change to the financial landscape in the UK. It argues that people living on persistent low incomes were casualties of the economic ‘boom’ as they did not benefit from economic growth and of the ‘bust’ in that they most keenly felt the impact of the recession and the reaction of financial institutions to the new financial landscape. It concludes by arguing that, reflecting on the complexity of people's lives, addressing indebtedness requires a multi-faceted approach.

scholarly journals A Comparison Between the Second-Hand Clothing Consumption of China and Korea

2021 ◽  
Vol 17 (3) ◽  
pp. 41
Author(s):  
Yealin Kwon
Keyword(s):  
Low Income ◽  
The Past ◽  
Trading Market ◽  
The World ◽  
Low Income Households

The purpose of this study is to research and analyze the second-hand platforms in China and Korea. Todays, second-hand trading has evolved and more and more consumers are using it. In the past, most of the users of the second-hand trading market were low-income households, and the current users of the used trading market are the MZ generation. In this reason, feeling the necessity of researching the second-hand trading platform, I analyze it from data of China and Korea. To achieve the purpose of this study, I collect and analyze two big platform of each country “Xianyu” from China and “Secondhand Market” from Korea. We can see how differences in economies, societies and cultures between China and Korea affect second-hand trading platforms. The study compared the trend of second-hand clothing consumption, the major channels of second-hand clothing consumption, the key categories of second-hand clothing consumption, the leading brands of second-hand clothing consumption, the motivations and obstacles of second-hand clothing consumption. I hope this study to develop the second-hand trading platforms around the world.

scholarly journals O URBANISMO COMO ECONOMIA POLÍTICA DO/NO ESPAÇO: REFLEXÕES A PARTIR DO PROCESSO DE METROPOLIZAÇÃO DE BELO HORIZONTE

GEOgraphia ◽  
2021 ◽  
Vol 23 (51) ◽  
Author(s):  
Thiago Andrade Santos
Keyword(s):  
Low Income ◽  
Political Knowledge ◽  
Metropolitan Region ◽  
Production Of Space ◽  
Urban And Regional Planning ◽  
The Past ◽  
Northern Portion ◽  
Belo Horizonte ◽  
State Interventions

Este estudo discute o processo de produção do espaço de Belo Horizonte, tendo como fio condutor a análise da ação conjunta entre Estado e capital. Mostra-se, a partir do caso prático de Belo Horizonte, que, no processo de modernização e metropolização contemporâneos, a espoliação dos mais pobres continua a ocorrer. Nesse processo, o urbanismo, travestido de planejamento urbano e regional, planejamento estratégico etc., assume seu papel de saber político vinculado às necessidades do capital, organizando o espaço em função dos interesses deste último. A valorização do solo urbano acontece com o auxílio das intervenções do Estado via instrumentos de planejamento urbano previstos na própria legislação urbanística brasileira. Há a elevação do preço da terra e dos serviços, o que tende a dificultar o acesso dos trabalhadores de baixa renda, sendo a renda fundiária oriunda desses processos apropriada pelo capital rentista. Considerando as características da urbanização na porção norte da Região Metropolitana de Belo Horizonte no passado em comparação com o momento atual, verifica-se que, embora o capitalismo venha se trasformando ao longo do último século, se adaptando às suas crises, a sua essência permanece a mesma, bem como a essência da urbanização que produz. Observa-se como desdobramento direto uma nova rodada de gentrificação do espaço e do consequente processo de periferização por conta da ampliação da capitalização do solo urbano da metrópole.Palavras-chave: Urbanização; Produção do Espaço; Capital; Estado; Urbanismo. URBANISM LIKE POLITICAL ECONOMY OF THE/IN THE SPACE: REFLECTIONS BASED ON THE BELO HORIZONTE METROPOLIZATION PROCESS CASE Abstract: This study discusses the Belo Horizonte’s production of space process, having as a guideline the analysis of the association between government and capital. It is shown from the empirical case of Belo Horizonte that in the contemporary modernization and metropolization process the dispossession of the poorest continues. In this process, urbanism, disguised of urban and regional planning, strategic planning, etc., assumes its role of political knowledge linked to organize the space in function of the capital needs. The valorization of urban soil occurs with the aid of State interventions using urban planning instruments provided for in the Brazilian urban legislation itself. There is an increase in the price of land and services, which tends to hinder the access of low-income workers, and the land income from these processes is appropriated by rentier capital. Considering the characteristics of urbanization in the northern portion of the Metropolitan Region of Belo Horizonte in the past compared to the current moment, it appears that, although capitalism has been changing over the last century, adapting to its crises, its essence remains the same, as well as the essence of the urbanization it produces. A new round of gentrification of the space and the consequent process of periphery growth can be observed as a direct development due to the expansion of the capitalization of metropolis urban land.Keywords: Urbanization; Production of Space; Capital; State; Urbanism. EL URBANISMO COMO ECONOMÍA POLÍTICA DEL / EN EL ESPACIO: REFLEXIONES A PARTIR DEL PROCESO DE METROPOLIZACIÓN DE BELO HORIZONTE Resumen: Este estudio discute el proceso de producción del espacio de Belo Horizonte, teniendo como pauta el análisis de la acción conjunta entre Estado y capital. Se muestra, a partir del caso práctico de Belo Horizonte, que, en el proceso de modernización y metropolización contemporánea, se sigue produciendo el saqueo de los más pobres. En este proceso, el urbanismo, disfrazado de planificación urbana y regional, planificación estratégica, etc., asume su papel de conocimiento político vinculado a las necesidades del capital, organizando el espacio según los intereses de este último. La valorización del suelo urbano se da con la ayuda de intervenciones estatales mediante los instrumentos de planificación urbana previstos en la propia legislación urbana brasileña. Existe un aumento en el precio de la tierra y los servicios, lo que tiende a dificultar el acceso de los trabajadores de bajos ingresos, y los ingresos de la tierra de estos procesos son apropiados por el capital rentista. Considerando las características de la urbanización en la parte norte de la Región Metropolitana de Belo Horizonte en el pasado en comparación con el momento actual, parece que, aunque el capitalismo ha ido cambiando durante el último siglo, adaptándose a sus crisis, su esencia sigue siendo la misma, así como la esencia de la urbanización que produce. Una nueva ronda de gentrificación del espacio y el consecuente proceso de periferización puede verse como un desarrollo directo debido a la expansión de la capitalización del suelo urbano de la metrópoli.Palabras-clave: Urbanización; Producción espacial; Capital; Estado; Urbanismo.  

scholarly journals The Role of Technology in Nigerian Catfish Production: A Review

2022 ◽  
Author(s):  
Samuel Ijabo Ogah ◽  
Goshen David Miteu ◽  
Emmanuel Oluwasogo Oyewole ◽  
Josephine Oluseyi Adebayo ◽  
Elohozino Oghale Benneth
Keyword(s):  
Low Income ◽  
Developing Nations ◽  
Economic Systems ◽  
Relative Poverty ◽  
Demand And Supply ◽  
The Past ◽  
Slow Development ◽  
The Impact ◽  
Considerable Pressure

This article examines the state of Catfish production in Nigeria and the roles technology has played over the past decades. Heightened demand as a result of increased population puts considerable pressure on production. In response to this pressure aquaculturists ramped up production activities, this demand-driven increase exposes the major gaps as the industry struggles to cope with the absence of fundamental structures like inadequate structured funding, markets, processing and preservation facilities among others. Such gaps exist in all aspects of aquaculture and technology is a viable plug for many of them. The aquaculture of developing nations has certain peculiarities which predispose it to slow development. Many fishermen and aquaculturists in low-income regions are trapped in economic systems that result in relative poverty. Many reasons have been put forward to explain the dynamics behind these consequences with technology playing a major role from the consensus. Rapid advances in hatchery, water quality and molecular technology have been identified as some of the active drivers of Catfish production in Nigeria. The article focuses on the history, progress and prospects of aquaculture technology in Nigeria. It does so by reviewing the technologies already established in Catfish farming and the impact of their roles in balancing fish demand and supply.

The Great Escape: A Review of Robert Fogel's The Escape from Hunger and Premature Death, 1700–2100

2006 ◽  
Vol 44 (1) ◽  
pp. 106-114 ◽  
Author(s):  
Angus Deaton
Keyword(s):  
Public Health ◽  
Medical Technology ◽  
Premature Death ◽  
Great Emphasis ◽  
Current Health ◽  
The Past ◽  
History Of ◽  
Historical Role ◽  
Rich Countries

In this essay, I review Robert Fogel's The Escape from Hunger and Premature Death, 1700–2100, which is concerned with the past, present, and future of human health. Fogel's work places great emphasis on nutrition, not only for the history of health, but for explaining aspects of current health, not only in comparing poor and rich countries, but in thinking about rich countries now and in the future. I discuss Fogel's analysis alongside alternative interpretations that place greater emphasis on the historical role of public health, and on the current and future role of improvements in medical technology.

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