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How Does Intergenerational Wealth Transmission Affect Wealth Concentration
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Book Synopsis How Does Intergenerational Wealth Transmission Affect Wealth Concentration? by : Laura Feiveson
Download or read book How Does Intergenerational Wealth Transmission Affect Wealth Concentration? written by Laura Feiveson and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this note, we seek to establish the role of intergenerational wealth transmission by using the Federal Reserve Board's Survey of Consumer Finances (SCF), which contains extensive information about household balance sheets, intergenerational transfers made and received, and demographic and socioeconomic characteristics of respondents.
Download or read book Unequal Chances written by Samuel Bowles and published by Princeton University Press. This book was released on 2009-10-15 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is the United States "the land of equal opportunity" or is the playing field tilted in favor of those whose parents are wealthy, well educated, and white? If family background is important in getting ahead, why? And if the processes that transmit economic status from parent to child are unfair, could public policy address the problem? Unequal Chances provides new answers to these questions by leading economists, sociologists, biologists, behavioral geneticists, and philosophers. New estimates show that intergenerational inequality in the United States is far greater than was previously thought. Moreover, while the inheritance of wealth and the better schooling typically enjoyed by the children of the well-to-do contribute to this process, these two standard explanations fail to explain the extent of intergenerational status transmission. The genetic inheritance of IQ is even less important. Instead, parent-offspring similarities in personality and behavior may play an important role. Race contributes to the process, and the intergenerational mobility patterns of African Americans and European Americans differ substantially. Following the editors' introduction are chapters by Greg Duncan, Ariel Kalil, Susan E. Mayer, Robin Tepper, and Monique R. Payne; Bhashkar Mazumder; David J. Harding, Christopher Jencks, Leonard M. Lopoo, and Susan E. Mayer; Anders Björklund, Markus Jäntti, and Gary Solon; Tom Hertz; John C. Loehlin; Melissa Osborne Groves; Marcus W. Feldman, Shuzhuo Li, Nan Li, Shripad Tuljapurkar, and Xiaoyi Jin; and Adam Swift.
Book Synopsis Modeling the Distribution and Intergenerational Transmission of Wealth by : James D. Smith
Download or read book Modeling the Distribution and Intergenerational Transmission of Wealth written by James D. Smith and published by University of Chicago Press. This book was released on 2008-04-15 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: This pioneering volume uses modern statistical and simulation techniques to explain the process of wealth transmission and the persistent problem of the unequal distribution of wealth. These papers reflect a shift from the traditional cross-sectional measurement to an intertemporal focus by attempting to model mathematically the actual process by which wealth is acquired and transmitted. There are many questions to be answered: What are the factors influencing saving? What is the role of mating? What decides ownership between spouses? How are rare assets distributed by divorce? What are the patterns of behavior in making gifts and bequests? And what is the effect of the relative ages of the persons involved?
Book Synopsis Heterogeneity and Persistence in Returns to Wealth by : Andreas Fagereng
Download or read book Heterogeneity and Persistence in Returns to Wealth written by Andreas Fagereng and published by International Monetary Fund. This book was released on 2018-07-27 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population data from Norway’s administrative tax records. We document a number of novel results. First, during our sample period individuals earn markedly different average returns on their financial assets (a standard deviation of 14%) and on their net worth (a standard deviation of 8%). Second, heterogeneity in returns does not arise merely from differences in the allocation of wealth between safe and risky assets: returns are heterogeneous even within asset classes. Third, returns are positively correlated with wealth: moving from the 10th to the 90th percentile of the financial wealth distribution increases the return by 3 percentage points - and by 17 percentage points when the same exercise is performed for the return to net worth. Fourth, wealth returns exhibit substantial persistence over time. We argue that while this persistence partly reflects stable differences in risk exposure and assets scale, it also reflects persistent heterogeneity in sophistication and financial information, as well as entrepreneurial talent. Finally, wealth returns are (mildly) correlated across generations. We discuss the implications of these findings for several strands of the wealth inequality debate.
Book Synopsis Modeling the Distribution and Intergenerational Transmission of Wealth by : James D. Smith
Download or read book Modeling the Distribution and Intergenerational Transmission of Wealth written by James D. Smith and published by University of Chicago Press. This book was released on 1980-12-01 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: This pioneering volume uses modern statistical and simulation techniques to explain the process of wealth transmission and the persistent problem of the unequal distribution of wealth. These papers reflect a shift from the traditional cross-sectional measurement to an intertemporal focus by attempting to model mathematically the actual process by which wealth is acquired and transmitted. There are many questions to be answered: What are the factors influencing saving? What is the role of mating? What decides ownership between spouses? How are rare assets distributed by divorce? What are the patterns of behavior in making gifts and bequests? And what is the effect of the relative ages of the persons involved?
Book Synopsis Inequality and Opportunity by : Francisco Perez Arce Novaro
Download or read book Inequality and Opportunity written by Francisco Perez Arce Novaro and published by Rand Corporation. This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report aims to understand the extent to which inequalities in opportunity and outcomes are related--and the mechanisms that drive that relationship--to help evaluate which policies have the most potential to level the playing field.
Download or read book Inequality written by Anthony B. Atkinson and published by Harvard University Press. This book was released on 2015-05-11 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inequality and poverty have returned with a vengeance in recent decades. To reduce them, we need fresh ideas that move beyond taxes on the wealthy. Anthony B. Atkinson offers ambitious new policies in technology, employment, social security, sharing of capital, and taxation, and he defends them against the common arguments and excuses for inaction.
Book Synopsis Capitalism, Alone by : Branko Milanovic
Download or read book Capitalism, Alone written by Branko Milanovic and published by Harvard University Press. This book was released on 2021-09-07 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the first time in history, the globe is dominated by one economic system. Capitalism prevails because it delivers prosperity and meets desires for autonomy. But it also is unstable and morally defective. Surveying the varieties and futures of capitalism, Branko Milanovic offers creative solutions to improve a system that isn’t going anywhere.
Book Synopsis Parental Priorities and Economic Inequality by : Casey B. Mulligan
Download or read book Parental Priorities and Economic Inequality written by Casey B. Mulligan and published by University of Chicago Press. This book was released on 1997 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focuses on intergenerational mobility, and intergenerational transmission of inequality.
Book Synopsis Unequal Shares by : Anthony Barnes Atkinson
Download or read book Unequal Shares written by Anthony Barnes Atkinson and published by London : Allen Lane. This book was released on 1972 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monograph on the extent and causes of disparity in wealth and income distribution in the UK, and on various measures to secure greater equality - examines in detail the existing income tax system, the concept of ownership, the possibilities of tax reforms and various non-fiscal methods of income redistribution such as tax incentives to encourage saving, a capital levy to redeem the national debt, nationalization, pension scheme reform, trade union-negotiated profit sharing schemes, etc.
Book Synopsis Handbook of Income Distribution by : Anthony B. Atkinson
Download or read book Handbook of Income Distribution written by Anthony B. Atkinson and published by North Holland. This book was released on 2000-06-07 with total page 938 pages. Available in PDF, EPUB and Kindle. Book excerpt: Distributional issues may not have always been among the main concerns of the economic profession. Today, in the beginning of the 2000s, the position is different. During the last quarter of a century, economic growth proved to be unsteady and rather slow on average. The situation of those at the bottom ceased to improve regularly as in the preceding fast growth and full-employment period. Europe has seen prolonged unemployment and there has been widening wage dispersion in a number of OECD countries. Rising affluence in rich countries coexists, in a number of such countries, with the persistence of poverty. As a consequence, it is difficult nowadays to think of an issue ranking high in the public economic debate without some strong explicit distributive implications. Monetary policy, fiscal policy, taxes, monetary or trade union, privatisation, price and competition regulation, the future of the Welfare State are all issues which are now often perceived as conflictual because of their strong redistributive content. Economists have responded quickly to the renewed general interest in distribution, and the contents of this Handbook are very different from those which would have been included had it been written ten or twenty years ago. It has now become common to have income distribution variables playing a pivotal role in economic models. The recent interest in the relationship between growth and distribution is a good example of this. The surge of political economy in the contemporary literature is also a route by which distribution is coming to re-occupy the place it deserves. Within economics itself, the development of models of imperfect information and informational asymmetries have not only provided a means of resolving the puzzle as to why identical workers get paid different amounts, but have also caused reconsideration of the efficiency of market outcomes. These models indicate that there may not necessarily be an efficiency/equity trade-off; it may be possible to make progress on both fronts. The introduction and subsequent 14 chapters of this Handbook cover in detail all these new developments, insisting at the same time on how they tie with the previous literature on income distribution. The overall perspective is intentionally broad. As with landscapes, adopting various points of view on a given issue may often be the only way of perceiving its essence or reality. Accordingly, income distribution issues in the various chapters of this volume are considered under their theoretical or their empirical side, under a normative or a positive angle, in connection with redistribution policy, in a micro or macro-economic context, in different institutional settings, at various point of space, in a historical or contemporaneous perspective. Specialized readers will go directly to the chapter dealing with the issue or using the approach they are interested in. For them, this Handbook will be a clear and sure reference. To more patient readers who will go through various chapters of this volume, this Handbook should provide the multi-faceted view that seems necessary for a deep understanding of most issues in the field of distribution. For more information on the Handbooks in Economics series, please see our home page on http://www.elsevier.nl/locate/hes
Book Synopsis Persistence, Privilege, and Parenting by : Timothy Smeeding
Download or read book Persistence, Privilege, and Parenting written by Timothy Smeeding and published by Russell Sage Foundation. This book was released on 2011-09-01 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Americans like to believe that theirs is the land of opportunity, but the hard facts are that children born into poor families in the United States tend to stay poor and children born into wealthy families generally stay rich. Other countries have shown more success at lessening the effects of inequality on mobility—possibly by making public investments in education, health, and family well-being that offset the private advantages of the wealthy. What can the United States learn from these other countries about how to provide children from disadvantaged backgrounds an equal chance in life? Making comparisons across ten countries, Persistence, Privilege, and Parenting brings together a team of eminent international scholars to examine why advantage and disadvantage persist across generations. The book sheds light on how the social and economic mobility of children differs within and across countries and the impact private family resources, public policies, and social institutions may have on mobility. In what ways do parents pass advantage or disadvantage on to their children? Persistence, Privilege, and Parenting is an expansive exploration of the relationship between parental socioeconomic status and background and the outcomes of their grown children. The authors also address the impact of education and parental financial assistance on mobility. Contributors Miles Corak, Lori Curtis, and Shelley Phipps look at how family economic background influences the outcomes of adult children in the United States and Canada. They find that, despite many cultural similarities between the two countries, Canada has three times the rate of intergenerational mobility as the United States—possibly because Canada makes more public investments in its labor market, health care, and family programs. Jo Blanden and her colleagues explore a number of factors affecting how advantage is transmitted between parents and children in the United States and the United Kingdom, including education, occupation, marriage, and health. They find that despite the two nations having similar rates of intergenerational mobility and social inequality, lack of educational opportunity plays a greater role in limiting U.S. mobility, while the United Kingdom’s deeply rooted social class structure makes it difficult for the disadvantaged to transcend their circumstances. Jane Waldfogel and Elizabeth Washbrook examine cognitive and behavioral school readiness across income groups and find that pre-school age children in both the United States and Britain show substantial income-related gaps in school readiness—driven in part by poorly developed parenting skills among overburdened, low-income families. The authors suggest that the most encouraging policies focus on both school and home interventions, including such measures as increases in federal funding for Head Start programs in the United States, raising pre-school staff qualifications in Britain, and parenting programs in both countries. A significant step forward in the study of intergenerational mobility, Persistence, Privilege, and Parenting demonstrates that the transmission of advantage or disadvantage from one generation to the next varies widely from country to country. This striking finding is a particular cause for concern in the United States, where the persistence of disadvantage remains stubbornly high. But, it provides a reason to hope that by better understanding mobility across the generations abroad, we can find ways to do better at home.
Book Synopsis Inequality of Opportunity, Inequality of Income and Economic Growth by : Mr.Shekhar Aiyar
Download or read book Inequality of Opportunity, Inequality of Income and Economic Growth written by Mr.Shekhar Aiyar and published by International Monetary Fund. This book was released on 2019-02-15 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: We posit that the relationship between income inequality and economic growth is mediated by the level of equality of opportunity, which we identify with intergenerational mobility. In economies characterized by intergenerational rigidities, an increase in income inequality has persistent effects—for example by hindering human capital accumulation— thereby retarding future growth disproportionately. We use several recently developed internationally comparable measures of intergenerational mobility to confirm that the negative impact of income inequality on growth is higher the lower is intergenerational mobility. Our results suggest that omitting intergenerational mobility leads to misspecification, shedding light on why the empirical literature on income inequality and growth has been so inconclusive.
Book Synopsis Inheritances and the Distribution of Wealth Or Whatever Happened to the Great Inheritance Boom? - Scholar's Choice Edition by : Edward N. Wolff
Download or read book Inheritances and the Distribution of Wealth Or Whatever Happened to the Great Inheritance Boom? - Scholar's Choice Edition written by Edward N. Wolff and published by . This book was released on 2015-02-16 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Book Synopsis From Parents to Children by : John Ermisch
Download or read book From Parents to Children written by John Ermisch and published by Russell Sage Foundation. This book was released on 2012-05-01 with total page 523 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does economic inequality in one generation lead to inequality of opportunity in the next? In From Parents to Children, an esteemed international group of scholars investigates this question using data from ten countries with differing levels of inequality. The book compares whether and how parents' resources transmit advantage to their children at different stages of development and sheds light on the structural differences among countries that may influence intergenerational mobility. How and why is economic mobility higher in some countries than in others? The contributors find that inequality in mobility-relevant skills emerges early in childhood in all of the countries studied. Bruce Bradbury and his coauthors focus on learning readiness among young children and show that as early as age five, large disparities in cognitive and other mobility-relevant skills develop between low- and high-income kids, particularly in the United States and the United Kingdom. Such disparities may be mitigated by investments in early childhood education, as Christelle Dumas and Arnaud Lefranc demonstrate. They find that universal pre-school education in France lessens the negative effect of low parental SES and gives low-income children a greater shot at social mobility. Katherine Magnuson, Jane Waldfogel, and Elizabeth Washbrook find that income-based gaps in cognitive achievement in the United States and the United Kingdom widen as children reach adolescence. Robert Haveman and his coauthors show that the effect of parental income on test scores increases as children age; and in both the United States and Canada, having parents with a higher income betters the chances that a child will enroll in college. As economic inequality in the United States continues to rise, the national policy conversation will not only need to address the devastating effects of rising inequality in this generation but also the potential consequences of the decline in mobility from one generation to the next. Drawing on unparalleled international datasets, From Parents to Children provides an important first step.
Book Synopsis Meritocracy and Economic Inequality by : Kenneth Arrow
Download or read book Meritocracy and Economic Inequality written by Kenneth Arrow and published by Princeton University Press. This book was released on 2018-06-26 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most Americans strongly favor equality of opportunity if not outcome, but many are weary of poverty's seeming immunity to public policy. This helps to explain the recent attention paid to cultural and genetic explanations of persistent poverty, including claims that economic inequality is a function of intellectual ability, as well as more subtle depictions of the United States as a meritocracy where barriers to achievement are personal--either voluntary or inherited--rather than systemic. This volume of original essays by luminaries in the economic, social, and biological sciences, however, confirms mounting evidence that the connection between intelligence and inequality is surprisingly weak and demonstrates that targeted educational and economic reforms can reduce the income gap and improve the country's aggregate productivity and economic well-being. It also offers a novel agenda of equal access to valuable associations. Amartya Sen, John Roemer, Robert M. Hauser, Glenn Loury, Orley Ashenfelter, and others sift and analyze the latest arguments and quantitative findings on equality in order to explain how merit is and should be defined, how economic rewards are distributed, and how patterns of economic success persist across generations. Moving well beyond exploration, they draw specific conclusions that are bold yet empirically grounded, finding that schooling improves occupational success in ways unrelated to cognitive ability, that IQ is not a strong independent predictor of economic success, and that people's associations--their neighborhoods, working groups, and other social ties--significantly explain many of the poverty traps we observe. The optimistic message of this beautifully edited book is that important violations of equality of opportunity do exist but can be attenuated by policies that will serve the general economy. Policy makers will read with interest concrete suggestions for crafting economically beneficial anti-discrimination measures, enhancing educational and associational opportunity, and centering economic reforms in community-based institutions. Here is an example of some of our most brilliant social thinkers using the most advanced techniques that their disciplines have to offer to tackle an issue of great social importance.
Book Synopsis Testing Piketty’s Hypothesis on the Drivers of Income Inequality by : Carlos Góes
Download or read book Testing Piketty’s Hypothesis on the Drivers of Income Inequality written by Carlos Góes and published by International Monetary Fund. This book was released on 2016-08-19 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thomas Piketty's Capital in the Twenty-First Century puts forth a logically consistent explanation for changes in income and wealth inequality patterns. However, while rich in data, the book provides no formal empirical testing for its theoretical causal chain. In this paper, I build a set of Panel SVAR models to check if inequality and capital share in the national income move up as the r-g gap grows. Using a sample of 19 advanced economies spanning over 30 years, I find no empirical evidence that dynamics move in the way Piketty suggests. Results are robust to several alternative estimates of r-g.
