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"Income inequality"
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Inequality in Britain
\"This book provides a thorough and engaging analysis of inequality in Britain, including its long-term development and transformation since the beginning of the 20th century. The author argues that inequality is not what it used to be - no longer can policy makers consider it just in terms of status, wealth and income. Having resurfaced strongly as an issue after the financial crisis of 2007-8, a truly informed discussion of inequality must now be wide ranging and take account of a variety of interacting factors. They include both a radically different role for education in the labour market and the interests of future generations. Government policies, market failures and fundamental changes in British society and economy in earlier decades have all contributed to inequality's contemporary scope, intensity, and who it affects. Alan Ware traces and illuminates the altered nature of inequality in Britain, its consequences, and especially its political implications. It offers a timely, concise and illuminating examination that will be of interest to all those concerned about inequality and, more broadly, to scholars and students of sociology, social/public policy, contemporary British history, political sociology, and political theory\"-- Provided by publisher.
Book
Global Inequality Dynamics: New Findings from WID.world
This paper presents new findings on global inequality dynamics from the World Wealth and Income Database (WID.world), with particular emphasis on the contrast between the trends observed in the United States, China, France, and the United Kingdom. We observe rising top income and wealth shares in nearly all countries in recent decades. But the magnitude of the increase varies substantially, thereby suggesting that different country-specific policies and institutions matter considerably. Long-run wealth inequality dynamics appear to be highly unstable. We stress the need for more democratic transparency on income and wealth dynamics and better access to administrative and financial data.
Journal Article
Measuring inequality of opportunities in Latin America and the Caribbean
Equality of opportunity is about leveling the playing field so that circumstances such as gender, ethnicity, place of birth, or family background do not influence a person's life chances. Success in life should depend on people's choices, effort and talents, not to their circumstances at birth. 'Measuring Inequality of Opportunities in Latin America and the Caribbean' introduces new methods for measuring inequality of opportunities and makes an assessment of its evolution in Latin America over a decade. An innovative Human Opportunity Index and other parametric and non-parametric techniques are presented for quantifying inequality based on circumstances exogenous to individual efforts. These methods are applied to gauge inequality of opportunities in access to basic services for children, learning achievement for youth, and income and consumption for adults.
eBook
The Role of Unemployment in the Rise in Alternative Work Arrangements
The share of U.S. workers in alternative work arrangements has increased substantially in recent decades. Micro longitudinal analyses show that unemployed workers are much more likely to transition into alternative work arrangements than other workers. Macro time-series evidence shows that weak labor market conditions lead to an increase in non-traditional work. But the estimated magnitudes imply that the Great Recession and high unemployment in the 2000s can account for only a modest part of the rise in alternative work. Secular factors associated with rising inequality and technological changes making it easier to contract out work appear to be the driving forces.
Journal Article
Firm Heterogeneity in Consumption Baskets
A growing literature has documented the role of firm heterogeneity within sectors for nominal income inequality. This article explores the implications for household price indices across the income distribution. Using detailed matched U.S. home and store scanner microdata, we present evidence that rich and poor households source their consumption differently across the firm size distribution within disaggregated product groups. We use the data to examine alternative explanations, propose a tractable quantitative model with two-sided heterogeneity that rationalizes the observed moments, and calibrate it to explore general equilibrium counterfactuals. We find that larger, more productive firms sort into catering to the taste of richer households, and that this gives rise to asymmetric effects on household price indices. We quantify these effects in the context of policy counterfactuals that affect the distribution of disposable incomes on the demand side or profits across firms on the supply side.
Journal Article
Wage Inequality and Firm Growth
We discuss firm-level evidence based on UK data showing that within-firm pay inequality--wage differentials between top- and bottom-level jobs--increases with firm size. Moreover, within-firm pay inequality rises as firms grow larger over time. Lastly, using wage data from 15 developed countries, we document a positive association between aggregate wage inequality at the country level and growth by the largest firms in the country. We conclude that part of what may be perceived as a global trend toward more wage inequality may be driven by an increase in the size of the largest firms in the economy.
Journal Article
Income distribution, productivity growth, and workers’ bargaining power in an agent-based macroeconomic model
We investigate the effect of labor productivity growth, workers’ bargaining power, and legal minimum wage revision rules on income distribution in a novel agent-based macroeconomic model mostly inspired by the post-Keynesian literature. Its main novelties are a wage bargaining process and a mark-up adjustment rule featuring a broader set of dimensions and coupled channels of interaction. The former allows nominal wages to be endogenously determined by interactions involving firms and workers, which are mediated by workers’ bargaining power. The latter assumes that firms also consider their position relative to workers (through their unit costs) to set their mark-up rates, thus linking the evolution of nominal wages in the bargaining process and labor productivity growth to the functional income distribution. This has implications for the personal income distribution through a three-class structure for households. The model reproduces numerous stylized facts, including those concerning the income distribution dynamics. By capturing the inherent social conflict over the distribution of income, our results show the importance of the coevolutionary interaction between workers’ bargaining power and productivity growth to the dynamics of income inequality and to its relationship with output. This leads to a policy dilemma between promoting productivity growth and improving income equality which can, nonetheless, be attenuated by combining policies and institutions that protect workers with policies that stimulate technological innovation and productivity growth.
Journal Article
The Association Between Perceived Income Inequality and Subjective Well-being: Evidence from a Social Survey in Japan
Previous studies have shown that income inequality in society is negatively associated with individuals subjective well-being (SWB), such as their perceived happiness and self-rated health (SRH). However, it is not realistic to assume that individuals have precise information about actual income distribution measured by the Gini coefficient or other statistical measures. In the current study, we examined how perceived income inequality, rather than actual inequality, was associated with SWB, using cross-sectional data collected from a nationwide, Internet survey conducted in Japan (N = 10,432). We also examined how this association was confounded by individuals’ objective and subjective income status, considering the possibility that individuals with lower income status are more inclined to both perceive income inequality and feel unhappy/unhealthy. In our analysis, we focused on the perception of widening income inequality (as perceived income inequality), perceived happiness and SRH (as SWB), and household income and living standards compared with 1 year ago and compared with others (as income status). We also controlled for personality traits. We obtained three key findings: (1) perceived income inequality was negatively associated with SWB; (2) both perceived income inequality and SWB were associated with income status; and (3) the association between perceived income inequality and SWB was attenuated after controlling for income status, but not fully for perceived happiness. These findings suggest that perceived income inequality, which links actual income inequality to SWB, should be further studied.
Journal Article
Exploring Subjective Income Inequality in Europe and MENA Regions
This article examines the relationship between income inequalities and attitudes toward them in Europe, the Middle East, and North Africa (MENA) regions, representing the world's most equal and unequal regions. Utilizing data from the joint European Values Survey - World Values Survey, World Income Inequality Database, and the Standardized World Income Inequality Database, the study uncovers significant differences in subjective inequalities between these regions and assesses the impact of internal income stratifications within societies. The key findings demonstrated significant differences in subjective inequalities between the European and MENA regions, which are not confirmed within the regions. Generally, there is a greater acceptance of income inequalities in MENA countries than in Europe. The results also revealed that in Europe, attitudes toward income inequalities are more diversified within income class stratification, with higher income classes tending to have a more positive attitude towards income inequalities than lower ones.
Journal Article
Consumption Inequality
In this essay, we discuss the importance of consumption inequality in the debate concerning the measurement of disparities in economic well-being. We summarize the advantages and disadvantages of using consumption as opposed to income for measuring trends in economic well-being. We critically evaluate the available evidence on these trends, and in particular discuss how the literature has evolved in its assessment of whether consumption inequality has grown as much as or less than income inequality. We provide some novel evidence on three relatively unexplored themes: inequality in different spending components, inequality in leisure time, and intergenerational consumption mobility.
Journal Article