scholarly journals Policy Forum: The Case for an Annual Net Wealth Tax

2020 ◽  
Vol 68 (3) ◽  
pp. 835-850
Author(s):  
Andrew Jackson ◽  
Toby Sanger
Keyword(s):  
Wealth Inequality ◽  
Developed Countries ◽  
Property Taxes ◽  
Financial Assets ◽  
Policy Makers ◽  
Equal Distribution ◽  
The Public ◽  
Distribution Of Wealth ◽  
Wealth Tax ◽  
Policy Forum

The public and policy makers are showing a renewed interest in wealth taxes as a possible response to the problem of wealth inequality. This article describes the recent trend of rising wealth inequality, and the factors contributing to it, in developed countries, including Canada. The authors argue that an annual wealth tax could and should counter the trend, and that such a tax is both justifiable on economic grounds and technically feasible. They assert that the taxation of capital income does not adequately address the largely tax-free accumulation of large fortunes, and that an annual wealth tax is preferable to property taxes, which exclude the taxation of financial assets and are levied on gross rather than net wealth. The article responds in detail to major criticisms of an annual tax on wealth, arguing that such a tax is needed to achieve a more equal distribution of wealth while raising additional revenues.

Privatization and Public Regulation

Paradigm ◽  
1998 ◽  
Vol 1 (2) ◽  
pp. 109-120
Author(s):  
Simrit Kaur ◽  
S.P. Jain
Keyword(s):  
Public Sector ◽  
Present Article ◽  
Market Failure ◽  
Developed Countries ◽  
Policy Makers ◽  
The Public ◽  
Public Regulation ◽  
Private And Public ◽  
The Government ◽  
Developing And Developed Countries

In many developing and developed countries, privatization through transfer of ownership from public to the private hands is considered as a cure for most of the problems faced by the public sector enterprises (PSEs.) However, policy makers tend to forget that both the systems – private and public – are imperfect. If market failure necessitates the need for government intervention, then failures associated with the government require more market friendly policies. This implies that at any point of time both systems will coexist i.e. privatization will go hand in hand. The present article attempts to discuss the modalities of privatization options and public regulation adopted by India.

scholarly journals Making sense of Piketty's ‘fundamental laws’ in a Post-Keynesian framework: the transitional dynamics of wealth inequality

2020 ◽  
Vol 8 (2) ◽  
pp. 195-219 ◽  
Author(s):  
Stefan Ederer ◽  
Miriam Rehm
Keyword(s):  
Wealth Inequality ◽  
Distribution Of Wealth ◽  
Making Sense ◽  
Wealth Concentration ◽  
Current State ◽  
Keynesian Model ◽  
Income Ratio ◽  
Wealth Tax ◽  
Transitional Phase ◽  
Interior Solutions

If Piketty's main theoretical prediction (r > g leads to rising wealth inequality) is taken to its radical conclusion, then a small elite will own all wealth if capitalism is left to its own devices. We formulate and calibrate a Post-Keynesian model with an endogenous distribution of wealth between workers and capitalists which permits such a corner solution of all wealth held by capitalists. However, it also shows interior solutions with a stable, non-zero wealth share of workers, a stable wealth-to-income ratio, and a stable and positive gap between the profit and the growth rate determined by the Cambridge equation. More importantly, simulations show that the model conforms to Piketty's empirical findings during a transitional phase of increasing wealth inequality, which characterizes the current state of high-income countries: the wealth share of capitalists rises to over 60 per cent, the wealth-to-income ratio increases, and income inequality rises. Finally, we show that the introduction of a wealth tax as suggested by Piketty could neutralize this rise in wealth concentration predicted by our model.

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?

Planning with a large public sector: Turkey (1963–1967)

1972 ◽  
Vol 3 (3) ◽  
pp. 348-360
Author(s):  
Ibrahim I. Poroy
Keyword(s):  
Economic Growth ◽  
Public Sector ◽  
Policy Implementation ◽  
Developed Countries ◽  
Modern Technology ◽  
Equity Capital ◽  
Economic Activities ◽  
Policy Makers ◽  
The Public ◽  
Short Run

As promotion of economic growth becomes a declared aim of policy-makers in less developed countries (LDC), more and more emphasis is placed on the public sector as an essential instrument of policy implementation. The public sector is considered more capable of inducing higher rates of savings and of channeling them into development-promoting outlets than the economy can do by itself. State Economic Enterprises (SEE) financed wholly or in large part through government budgets become the instruments of such policies. In an environment where the private sector invests mainly along traditional lines and is shy of long gestation periods, the absorption of modern technology depends on an ability to amass and channel large amounts of finance capital into productive ventures with relatively little direct short-run profitability. The absence of organized markets for equity capital so prevalent in LDC also points in the direction of the state's active participation in economic activities.

scholarly journals Historical Role of Islamic Waqf in Poverty Reduction in Muslim Society

2015 ◽  
Vol 54 (4I-II) ◽  
pp. 979-996
Author(s):  
Muhammad Tariq Khan
Keyword(s):  
Poverty Reduction ◽  
Poverty Line ◽  
International Policy ◽  
Policy Makers ◽  
Equal Distribution ◽  
Distribution Of Wealth ◽  
Cultural Life ◽  
Historical Role ◽  
Per Capita

Since the emergence of known civilisation poverty is a major challenge and in the present era, it is a wide spread world problem specifically afflicting the developing countries and also is a breeding ground for terrorism and conflicts between nations [Shirazi and Khan (2009)]. Poverty problem, with issues, of defining poverty, determining who is poor and where to draw the poverty line has been at the forefront of national and international policy-making forums, and a topic of heated debates among economists and policy makers [Khan (2007)]. Increasing per capita income along with equal distribution of wealth leading to better standard of life (with better facilities and opportunities of: food, health, clothing, housing, drinking water, income and employment, and social and cultural life) is pertinent way to reduce poverty. Islam encourages with stress on working hard and investment for earning the livelihood. For extremely poor who have no means to meet basic needs, no sources to invest, and no opportunity to earn, Islam suggested voluntary and compulsory endowments [Zakat, waqf, sadqa] for catering the needs of different degrees of poor from destitute to less poor, and also causing, circulation of wealth leading to it equal distribution, which is also another way to reduce poverty.

scholarly journals How do income inequality and fiscal consolidation impact on banking crises? A post-Keynesian view

2021 ◽  
Vol 13 (1) ◽  
pp. 89-114
Author(s):  
Guillermo Peña
Keyword(s):  
Income Inequality ◽  
Financial Crises ◽  
Probability Model ◽  
Developed Countries ◽  
Banking Crises ◽  
Fiscal Consolidation ◽  
Policy Makers ◽  
The Public ◽  
General Terms ◽  
Policy Measures

This is the first paper in estimating a population-averaged panel logit probability model to test the importance of the interaction between deficit in the public budgeting and income inequality in banking crises, for 36 developed countries from 1961-2011. New empirical evidence is shown on whether rising inequality is linked with financial crises, corroborating theoretical expectations of post-Keynesian authors. Policy measures are provided and tested empirically: whilst in general terms higher levels of income inequality could be associated with financial crises; countries with high levels of income inequality could reduce the likelihood of a crisis better in a context of fiscal consolidation. One reason could be that governments could use this public surplus for reducing income inequality, which helps to reduce defaults and banking crises.  These results could be useful for academics, and policy-makers.

scholarly journals New Genotype Emergence of DENV are Constrained by the Double Host Selection, Reducing the Probability of Alternative Serotype Emergence

2019 ◽  
Author(s):  
Gilberto Sánchez-González ◽  
Renaud Conde
Keyword(s):  
Dengue Virus ◽  
Rna Virus ◽  
Mechanistic Explanation ◽  
Developed Countries ◽  
Policy Makers ◽  
The Public ◽  
New Genotype ◽  
Virus Serotype ◽  
Global Spread ◽  
Low Probability

AbstractSince their discovery and sequencing 40 years ago, the DENV genotypes have shown an extreme coherence regarding the serotype class they code for. Considering the RNA virus mutation rate, we used Timed Markov Model to explore the transmission possibilities of mutated viruses and the statistical eventualities of new serotype emergence. We find that around 1 000 years are required for a new serotype to emerge, in line with phylogenetic analysis of the Dengue serotypes. Our work provides a mechanistic explanation of the strictness and low probability of a new Dengue virus serotype occurrence.Author summaryRecent Dengue virus global spread has drawn the attention of the Public Health Policy makers in developing countries and developed countries as well. The infection gravity and the hemorrhagic dengue syndromes have been related with the absence or presence of previous DENV immunity. Therefore, the emergence of a new DENV serotype and its spread constitute a matter of concern. Here, we constructed a mathematical model to determine the probability of such event, as well as de-entangle the mechanistic reasons behind the low serotype emergence factor of the DENV.

scholarly journals Why income gaps matter: The Treasury and the tricky issue of inequality

2014 ◽  
Vol 10 (1) ◽  
Author(s):  
Max Rashbrooke
Keyword(s):  
Income Distribution ◽  
Developed Countries ◽  
Policy Makers ◽  
The Public ◽  
Income Gap ◽  
Per Se ◽  
What Matters

The income gap between rich and poor, which is now much larger in most developed countries than it was 30 years ago, has become one of the more pressing problems facing both the public and policy makers. One approach to this problem of (in)equality is to argue that the income gaps themselves are concerning, and should be narrowed. If we think of the income distribution as a ladder, this is the equivalent of saying that the rungs on the ladder are too far apart. A second approach, however, is to say that income gaps per se are not of concern; what matters is whether people can move freely between those different incomes – whether they can jump, as it were, from one rung to another. There are still other approaches, of course, but the contrast between these two is very revealing and merits closer scrutiny. 

The Impact of the Public Expenditure Cuts Policy on the Labor Market in Vietnam

2012 ◽  
pp. 22-46
Author(s):  
Huong Nguyen Thi Lan ◽  
Toan Pham Ngoc
Keyword(s):  
Labor Market ◽  
Computable General Equilibrium ◽  
Impact Evaluation ◽  
Public Expenditure ◽  
Computable General Equilibrium Model ◽  
Living Standard ◽  
Input Output ◽  
Policy Makers ◽  
The Public ◽  
The Impact

The purpose of this study is to evaluate the impact of public expenditure cuts on employment and income to support policies for the development of the labor mar- ket. Impact evaluation is of interest for policy makers as well as researchers. This paper presents a method – that is based on a Computable General Equilibrium model – to analyse the impact of the public expenditure cuts policy on employment and income in industries and occupations in Vietnam using macro data, the Input output table, 2006, 2008 and the 2010 Vietnam Household Living Standard Survey.

OBJECTIVES AND FUNCTIONS OF LOBISTRY ACTIVITY IN UKRAINE: REALITIES TODAY AND EVOLUTIONARY FORECAST

2018 ◽  
Vol 1 (12) ◽  
pp. 329-339
Author(s):  
Tikhon Sergeyevich Yarovoy
Keyword(s):  
Civil Society ◽  
Political System ◽  
Developed Countries ◽  
Public Interests ◽  
The Public ◽  
Political Events ◽  
The Developed Countries ◽  
Definition Of ◽  
Industrial Groups

The article is devoted to the research of goals and functions of lobbying activity. The author has processed the ideas of domestic and foreign scientists, proposed his own approaches to the definition of goals and functions of lobbying activities through the prism of public administration. As a result, a generalized vision of the goals and functions of lobbying activities as interrelated elements of the lobbying system was proposed, and a forecast for further evolution of the goals and functions of domestic lobbying was provided. The analysis of lobbying functions allowed us to notice the tendencies in shifting the goals of this activity. If the objectives were fully covered by functions such as mediation between citizens and the state, the information function and the function of organizing plurality of public interests, then the role of strengthening the self-organization of civil society and the function of compromise become increasingly important in the process of formation in the developed countries of civil society and the development of telecommunication technologies. Ukrainian lobbyism will not be left to the side of this process. Already, politicians of the highest level, leaders of financial and industrial groups have to act, adjust their goals (even if they are — declared), taking into account the reaction of the public. In the future, this trend will only increase. The analysis of current research and political events provides all grounds for believing that, while proper regulatory legislation is being formed in Ukraine, the goals and functions of domestic lobbying will essentially shift towards a compromise with the public. It is noted that in spite of the existence of a basic direction of action, lobbying may have several ramified goals. Guided by the goals set, lobbyism can manifest itself in various spheres of the political system of society, combining the closely intertwined interests of various actors in the lobbying process, or even — contrasting them.

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