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Inheritances And The Distribution Of Wealth Or Whatever Happened To The Great Inheritance Boom
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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 Inheriting Wealth in America by : Edward N. Wolff
Download or read book Inheriting Wealth in America written by Edward N. Wolff and published by Oxford University Press, USA. This book was released on 2015 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inheritances are often regarded as a great 'evil', enabling great fortunes to be passed from one generation to another, exacerbating wealth inequality, and reducing wealth mobility. Using data from the Survey of Consumer Finances, the Panel Study of Income Dynamics, and a simulation model over years 1989 to 2010, the author reports six major findings.
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 2000-05-24 with total page 988 pages. Available in PDF, EPUB and Kindle. Book excerpt: Surveys the current state of knowledge re income distribution.
Book Synopsis Inheriting Wealth in America by : Edward N. Wolff
Download or read book Inheriting Wealth in America written by Edward N. Wolff and published by Oxford University Press. This book was released on 2015-01-27 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inheritances are often regarded as a societal "evil," enabling great fortunes to be passed from one generation to another, thus exacerbating wealth inequality and reducing wealth mobility. Discussions of inheritances in America bring to mind the Vanderbilts, Rockefellers, and "trust fund babies"---people who receive enough money through inheritances or gifts that they do not have any need to work during their lifetime. Though these are, of course, extreme outliers, inheritances in America have a reputation for being a way the rich keep getting richer. In Inheriting Wealth in America, Edward Wolff seeks to counter these misconceptions with data and arguments that illuminate who inherits what in the United States and what results from these wealth transfers. Using data from the Survey of Consumer Finances---a triennial survey conducted by the Federal Reserve Board that contains detailed information on household wealth, inheritances, and gifts---as well as the Panel Study of Income Dynamics and a simulation model over years 1989 to 2010, Wolff reports six major findings on the state of inheritances in America. First, wealth transfers (inheritances and gifts) accounted for less than one quarter of household wealth. However, for persons age 75 and over, the figure was about two-fifths since they have more time to receive wealth transfers. Indirect evidence, derived from the simulation model, indicates a figure closer to two-thirds at end of life - probably the best estimate. Second, despite prognostications of a coming "inheritance boom," it has not materialized yet. Only a small (and statistically insignificant) uptick in average wealth transfers was observed over the period, and wealth transfers were actually down as a share of household wealth. Third, while wealth transfers are greater in dollar amount for richer households than poorer ones, they constitute a smaller share of the accumulated wealth of the rich. Fourth, contrary to popular belief, inheritances and gifts, on net, reduce wealth inequality rather than raising it. The rationale is that inheritances and particularly gifts typically flow from richer to poorer persons, thus lowering wealth inequality. Fifth, despite a rapid rise in income inequality, the inequality of wealth transfers shows no discernible time trend from 1989 to 2010, neither upward nor downward. Sixth, among the very wealthy, the share of wealth accounted for by wealth transfers is surprisingly low, only about a sixth, and this share has trended significantly downward over time. It is true that inheritances and gifts are unequal, with only one fifth of families receiving wealth transfers and these transfers benefitting the rich far more than the middle class and the poor. That, however, is not the whole picture of inheritances in America. Clearly-written and illuminating, this books expertly distills an abundance of data on inheritances into important takeaways for all who wonder about the current state of inheritances and gifts in the United States.
Book Synopsis A Century of Wealth in America by : Edward N. Wolff
Download or read book A Century of Wealth in America written by Edward N. Wolff and published by Harvard University Press. This book was released on 2017-10-16 with total page 885 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding wealth in the United States—who has it, how they acquired it, and how they preserve it—is crucial to addressing the economic and political challenges facing the nation. But until now we have had little reliable information. Edward Wolff, one of the world’s great experts on the economics of wealth, offers an authoritative account of patterns in the accumulation and distribution of wealth since 1900. A Century of Wealth in America demonstrates that the most remarkable change has been the growth of per capita household wealth, which climbed almost eightfold prior to the 2007 recession. But overlaid on this base rate are worrying trends. The share of personal wealth claimed by the richest one percent almost doubled between the mid-1970s and 2013, concurrent with a steep run-up of debt in the middle class. As the wealth of the average family dropped precipitously—by 44 percent—between 2007 and 2013, with black families hit hardest, the debt-income ratio more than doubled. The Great Recession also caused a sharp spike in asset poverty, as more and more families barely survived from one paycheck to the next. In short, the United States has changed from being one of the most economically equal of the advanced industrialized countries to being one of the most unequal. At a time of deep uncertainty about the future, A Century of Wealth in America provides a sober bedrock of facts and astute analysis. It will become one of the few indispensable resources for contemporary public debate.
Book Synopsis The Inequality Trap by : William Watson
Download or read book The Inequality Trap written by William Watson and published by University of Toronto Press. This book was released on 2015-01-01 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: Argues that focusing on inequality is an error because much inequality is "good," the reward for thrift, industry, and invention, and also a trap because it leads us to fixate on the top end of the income distribution rather than on those at the bottom who need help most. Asserts that responding to growing inequality by fighting capitalism rather than poverty may lead to both more poverty and less equality.
Book Synopsis The Language of Economics by : Robert E. Mitchell
Download or read book The Language of Economics written by Robert E. Mitchell and published by Springer. This book was released on 2016-07-27 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Palgrave Pivot demonstrates that the inherited vocabularies of economics and other social sciences contain socially constructed words and theories that bias our very understanding of history and markets, bridging the empirical and moral dimensions of economics in general and inequality in particular. Wealth, GDP, hierarchies, and inequality are socially constructed words infused with moral overtones that academic philosophers and policy analysts have used to raise questions about "fairness" and "justice." This short intellectual and epistemological history explores and elaborates a limited number of key inequality-related terms, concepts, and mental images invented by centuries of economists and others. The author challenges us to question the assumptions made concerning presumably value-free concepts such as inequality, wealth, hierarchies, and the policy goals a nation can be pursuing.
Book Synopsis Taming Capital Flows by : J. Stiglitz
Download or read book Taming Capital Flows written by J. Stiglitz and published by Springer. This book was released on 2015-05-05 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains country experiences explained by policy makers and studies by leading experts on causes and consequences of capital flows as well as policies to control these flows. It addresses portfolio flow issues central to open economies, especially emerging markets.
Book Synopsis The Economics of Structural Racism by : Patrick L. Mason
Download or read book The Economics of Structural Racism written by Patrick L. Mason and published by Cambridge University Press. This book was released on 2023-04-13 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: This extensive and comprehensive book tracks persistent racial disparities in the US across multiple regimes of structural racism. It begins with an examination of the economics of racial identity, mechanisms of stratification, and regimes of structural racism. It analyzes trends in racial inequality in education and changes in family structure since the demise of Jim Crow. The book also examines generational trends in income, wealth, and employment for families and individuals, by race, gender, and national region. It explores economic differences among African Americans, by region, ethnicity, nativity, gender, and racial identity. Finally, the book provides a theoretical analysis of structural racism, productivity, and wages, with a special focus on the role of managers and instrumental discrimination inside the firm. The book concludes with an investigation of instrumental discrimination, hate crimes, the criminal legal system, and the impact of mass incarceration on family structure and economic inequality.
Book Synopsis World Inequality Report 2022 by : Lucas Chancel
Download or read book World Inequality Report 2022 written by Lucas Chancel and published by Harvard University Press. This book was released on 2022-11 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: World Inequality Report 2022 is the most authoritative and comprehensive account of global trends in inequality, providing cutting-edge information about income and wealth inequality and also pioneering data about the history of inequality, gender inequality, environmental inequalities, and trends in international tax reform and redistribution.
Book Synopsis Andrew Carnegie Speaks to the 1% by : Andrew Carnegie
Download or read book Andrew Carnegie Speaks to the 1% written by Andrew Carnegie and published by Gray Rabbit Publishing. This book was released on 2016-04-14 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Before the 99% occupied Wall Street... Before the concept of social justice had impinged on the social conscience... Before the social safety net had even been conceived... By the turn of the 20th Century, the era of the robber barons, Andrew Carnegie (1835-1919) had already accumulated a staggeringly large fortune; he was one of the wealthiest people on the globe. He guaranteed his position as one of the wealthiest men ever when he sold his steel business to create the United States Steel Corporation. Following that sale, he spent his last 18 years, he gave away nearly 90% of his fortune to charities, foundations, and universities. His charitable efforts actually started far earlier. At the age of 33, he wrote a memo to himself, noting ..".The amassing of wealth is one of the worse species of idolatry. No idol more debasing than the worship of money." In 1881, he gave a library to his hometown of Dunfermline, Scotland. In 1889, he spelled out his belief that the rich should use their wealth to help enrich society, in an article called "The Gospel of Wealth" this book. Carnegie writes that the best way of dealing with wealth inequality is for the wealthy to redistribute their surplus means in a responsible and thoughtful manner, arguing that surplus wealth produces the greatest net benefit to society when it is administered carefully by the wealthy. He also argues against extravagance, irresponsible spending, or self-indulgence, instead promoting the administration of capital during one's lifetime toward the cause of reducing the stratification between the rich and poor. Though written more than a century ago, Carnegie's words still ring true today, urging a better, more equitable world through greater social consciousness.
Book Synopsis Inequality and Fiscal Policy by : Mr.Benedict J. Clements
Download or read book Inequality and Fiscal Policy written by Mr.Benedict J. Clements and published by International Monetary Fund. This book was released on 2015-09-21 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sizeable increase in income inequality experienced in advanced economies and many parts of the world since the 1990s and the severe consequences of the global economic and financial crisis have brought distributional issues to the top of the policy agenda. The challenge for many governments is to address concerns over rising inequality while simultaneously promoting economic efficiency and more robust economic growth. The book delves into this discussion by analyzing fiscal policy and its link with inequality. Fiscal policy is the government’s most powerful tool for addressing inequality. It affects households ‘consumption directly (through taxes and transfers) and indirectly (via incentives for work and production and the provision of public goods and individual services such as education and health). An important message of the book is that growth and equity are not necessarily at odds; with the appropriate mix of policy instruments and careful policy design, countries can in many cases achieve better distributional outcomes and improve economic efficiency. Country studies (on the Netherlands, China, India, Republic of Congo, and Brazil) demonstrate the diversity of challenges across countries and their differing capacity to use fiscal policy for redistribution. The analysis presented in the book builds on and extends work done at the IMF, and also includes contributions from leading academics.
Download or read book The Way Back written by F. H. Buckley and published by Encounter Books. This book was released on 2016-04-26 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: The promise of America is that, with ambition and hard work, anyone can rise to the top. But now the promise has been broken, and we’ve become an aristocracy where rich parents raise rich kids and poor parents raise poor kids. We’ve been told that the changes are structural, that there’s nothing we can do about this. But that doesn’t explain why other First World countries are beating us hands down on the issue of mobility. What's different about America is our politics. An ostensibly progressive New Class of comfortably rich professionals, media leaders, and academics has shaped the contours of American politics and given us a country of fixed economic classes. It is supported by the poorest of Americans, who have little chance to rise, an alliance of both ends against the middle that recalls the Red Tories of parliamentary countries. Because they support an aristocracy, the members of the New Class are Tories, and because of their feigned concern for the poor, they are Red Tories. The Way Back explains the revolution in American politics, where political insurgents have challenged the complacent establishment of both parties, and shows how we can restore the promise of economic mobility and equality by pursuing socialist ends through capitalist means.
Download or read book A Fragile Balance written by J. Collins and published by Springer. This book was released on 2015-03-11 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Fragile Balance examines strategies to promote emergency savings, especially among underserved households. Each chapter is by an expert contributor and proposes an innovative financial product or service designed to bolster emergency savings among low-asset families. This collection also offers readers insights into the role of emergency savings and mechanisms to facilitate savings behaviors, and raises critical questions of the scale, institutional capacity, sustainability, accessibility, and effectiveness of existing programs.
Book Synopsis The Retirement Challenge by : Martin Neil Baily
Download or read book The Retirement Challenge written by Martin Neil Baily and published by Oxford University Press. This book was released on 2023-01-18 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive plan from two leading experts on how to fix America's outdated retirement system America's retirement system has serious problems. While it works well for some retirees, millions of others don't have the sound retirement they have worked decades to secure. Roughly 40 percent of today's $4 trillion federal budget is devoted to supporting retirees, which will grow to roughly half over the next decade--imperiling the sustainability of the whole system. The system is out of date. It reflects the America of a bygone age--an era in which company or union pensions provided middle-class families a decent standard of living in retirement. In America today, however, private pensions have mostly disappeared, Social Security is threatened to go insolvent, people are living longer, and health care costs continue to rise. Poorer retirees now must choose between buying enough to eat and their prescription drugs. In The Retirement Challenge, influential former White House economists Martin Neil Baily and Benjamin H. Harris explore America's outdated retirement system and explain how improving retirement requires changes by families, employers, and policymakers alike. Households need to save more, get smarter about their finances, and trade part of their 401(k) balances for insurance products. Companies need to take a more active role in their workers' retirements. And lawmakers need to amend the tax code, Social Security, and a host of other programs. Despite today's wide political divide, policymakers from both parties can come together around changes that will promote a stable retirement. This book shows that these changes do not represent a radical overhaul. If families, businesses, and policymakers do their part, everyone--current retirees and future generations--can enjoy a much more secure and prosperous retirement.
Book Synopsis The Age of Oversupply by : Daniel Alpert
Download or read book The Age of Oversupply written by Daniel Alpert and published by Penguin. This book was released on 2014-08-26 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments and central banks across the developed world have tried every policy tool imaginable, yet our economies remain sluggish or worse. How did we get here, and how can we compete and prosper once more? Daniel Alpert argues that a global labor glut, excess productive capacity, and a rising ocean of cheap capital have kept the Western economies mired in underemployment and anemic growth. We failed to anticipate the impact of the torrent of labor and capital unleashed by formerly socialist economies. Many policymakers miss the connection between global oversupply and the lack of domestic investment and growth. But Alpert shows how they are intertwined and offers a bold, fresh approach to fixing our economic woes. Twitter: @DanielAlpert
Book Synopsis Richer and More Equal by : Daniel Waldenström
Download or read book Richer and More Equal written by Daniel Waldenström and published by John Wiley & Sons. This book was released on 2024-06-07 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: Once there were princes and peasants and very few between. The extremes of wealth and poverty are still with us, but that shouldn't blind us to the fact our societies have been utterly transformed for the better over the past century. As Daniel Waldenström makes clear in this authoritative account of wealth accumulation and inequality in the modern west, we are today both significantly richer and more equal. Using cutting-edge research and new, sometimes surprising, data, Waldenström shows that what stands out since the late 1800s is a massive rise in the size of the middle class and its share of society’s total wealth. Unfettered capitalism, it seems, doesn’t have to lead to boundless inequality. The key to progress was political and institutional change that enabled citizens to become educated, better paid, and to amass wealth through housing and pension savings. Waldenström asks how we can consolidate these gains while encouraging the creation of new capital. The answer, he argues, is to pursue tax and social policies that raise the wealth of people in the bottom and middle rather than cutting wealth of entrepreneurs at the top. Richer and More Equal is a benchmark account of one of the most profound and encouraging social changes in human history and a blueprint for continued progress.
