scholarly journals Some Macroeconomics for the 21st Century

2000 ◽  
Vol 14 (1) ◽  
pp. 159-168 ◽  
Author(s):  
Robert E Lucas
Keyword(s):  
Economic Growth ◽  
Numerical Simulation ◽  
Income Inequality ◽  
21St Century ◽  
Technology Diffusion ◽  
Relative Income ◽  
Income Growth ◽  
Income Dynamics ◽  
World Income ◽  
To Come

This note describes a numerical simulation of a model of economic growth, a simplified version of Robert Tamura's (1996) model of world income dynamics, based on technology diffusion. The model makes predictions for trends in average world income growth and about the evolution of the relative income distribution that accord well with observation. The model is used to forecast the course of world income growth and income inequality over the century to come.

Great Escapes and Great Divergences

2017 ◽  
Author(s):  
Robert H. Wade
Keyword(s):  
Economic Growth ◽  
Income Inequality ◽  
Income Distribution ◽  
Geographical Distribution ◽  
Population Distribution ◽  
Distribution Patterns ◽  
Extreme Poverty ◽  
The Past ◽  
World Income

This article highlights ambiguities and indeterminacies in our knowledge about growth, inequality, and poverty, stemming in particular from measurement difficulties and from differences in measures of what is ostensibly the same thing (“poverty,” “inequality”). It examines global income distribution, patterns of economic growth, the movement of countries in the global income hierarchy, trends in income distribution between countries and between individuals or households, and trends in the incidence of “extreme” and “ordinary” poverty. The article begins with a snapshop of world income and population distribution, followed by a discussion on growth and geographical distribution. It then considers income inequality within countries, along with income inequality between countries and all people. It shows that the global income distribution is still highly polarized and that the proportion of the world’s population living in the degree of poverty which kills—“extreme poverty”—has probably fallen over the past several decades.

scholarly journals Rising Income Inequality and Living Standards in OECD Countries: How Does the Middle Fare?

2018 ◽  
pp. 1-23
Author(s):  
Stefan Thewissen ◽  
Lane Kenworthy ◽  
Brian Nolan ◽  
Max Roser ◽  
Tim Smeeding
Keyword(s):  
Economic Growth ◽  
Income Inequality ◽  
Oecd Countries ◽  
Living Standards ◽  
Income Growth ◽  
The Past ◽  
Past Generation ◽  
Top Income Shares ◽  
The Rich ◽  
Household Incomes

Income inequality has increased in a number of the rich democratic nations over the past generation. We examine whether this has reduced income growth for middleincome households. Using LIS, OECD and WID data, we show how median household incomes and income inequality have evolved between 1980 and 2013, and we analyse whether these trends are related. Growth in median incomes is negatively associated with changes in the Gini but not with changes in top income shares. Economic growth is strongly associated with growth in median incomes, although it does not seem to fully transmit.

Technology Diffusion and Volatility of Economic Growth

2019 ◽  
Vol 27 (4) ◽  
pp. 1-43
Author(s):  
Myung Joong Kwon ◽  
Mikyung Yun
Keyword(s):  
Economic Growth ◽  
Technology Diffusion

What’s Next for a National Infrastructure Policy: An Encore or a Requiem?

2021 ◽  
pp. 1087724X2110146
Author(s):  
Richard G. Little
Keyword(s):  
Economic Growth ◽  
Public Policy ◽  
21St Century ◽  
Environmental Sustainability ◽  
Infrastructure Systems ◽  
Infrastructure Policy ◽  
Policy Objectives ◽  
The Many ◽  
National Infrastructure ◽  
Roll Out

In an essay almost 30 years ago, Professor Dick Netzer of NYU asked the question “Do We Really Need a National Infrastructure Policy?” and came to the conclusion that we did not. As the Biden Administration prepares to roll out a multi-trillion dollar infrastructure package, the nation is faced with numerous questions regarding the infrastructure systems necessary to support continued economic growth and environmental sustainability. The purpose of this essay is to look to recent history for guidance for how to proceed by revisiting the underlying premises of the Netzer essay and reconsider whether a National Infrastructure Policy is needed. Because linking infrastructure to broader public policy objectives could both unite the nation and position it to address the many challenges that the 21st century will present, I believe the idea of a National Infrastructure Policy definitely deserves a second look.

scholarly journals Financial Inclusion, Income Inequality and Sustainable Economic Growth in Sub-Saharan African Countries

2021 ◽  
Vol 13 (4) ◽  
pp. 1780
Author(s):  
Chima M. Menyelim ◽  
Abiola A. Babajide ◽  
Alexander E. Omankhanlen ◽  
Benjamin I. Ehikioya
Keyword(s):  
Economic Growth ◽  
Income Inequality ◽  
Financial Services ◽  
Sub Saharan Africa ◽  
Kuznets Curve ◽  
African Countries ◽  
Financial Access ◽  
Sub Saharan ◽  
Sustainable Economic Growth ◽  
The Impact

This study evaluates the relevance of inclusive financial access in moderating the effect of income inequality on economic growth in 48 countries in Sub-Saharan Africa (SSA) for the period 1995 to 2017. The findings using the Generalised Method of Moments (sys-GMM) technique show that inclusive financial access contributes to reducing inequality in the short run, contrary to the Kuznets curve. The result reveals a negative effect of financial access on the relationship between income inequality and economic growth. There is a positive net effect of inclusive financial access in moderating the impact of income inequality on economic growth. Given the need to achieve the Sustainable Development Targets in the sub-region, policymakers and other stakeholders of the economy must design policies and programmes that would enhance access to financial services as an essential mechanism to reduce income disparity and enhance sustainable economic growth.

scholarly journals Sustainable Utilization of Financial and Institutional Resources in Reducing Income Inequality and Poverty

2021 ◽  
Vol 13 (3) ◽  
pp. 1038
Author(s):  
Atta Ullah ◽  
Zhao Kui ◽  
Saif Ullah ◽  
Chen Pinglu ◽  
Saba Khan
Keyword(s):  
Economic Growth ◽  
Income Inequality ◽  
Financial Development ◽  
Institutional Quality ◽  
Vital Role ◽  
Electronic Government ◽  
Sustainable Utilization ◽  
One Belt One Road ◽  
Institutional Resources ◽  
Belt And Road

This study aims to determine the role of globalization, electronic government, financial development, concerning the moderation of institutional quality in reducing income inequality and poverty in One Belt One Road countries. The electronic government and regional integration of the economies of the One Belt One Road countries has increased globalization and can play a vital role in reducing income inequality and poverty. However, this globalization and digital transformation of government systems can only be beneficial in the presence of good institutional quality. The sample includes 64 One Belt One Road countries from 2003 to 2018. We employed a two-step system generalized method of moment (Sys-GMM) and a robustness check through Driscoll–Kraay standard errors regression. Our findings show that globalization, economic growth, e-government development, government expenditure, and inflation have a statistically significant and negative impact on income inequality and are key to eradicating income inequality and poverty. On the other hand, financial development, gross capital formation, and population size positively influence income inequality, which causes an increase in poverty and income inequality as financial development and population levels increase. Moderating variable institutional quality also positively impacts income inequality, which means that institutional quality in Belt and Road Countries is weak, as they are mostly developing countries that need to improve their systems. Moreover, the marginal effect also revealed that institutional quality has a corrective effect on the factors’ relationship with income inequality. Our findings endorse and conclude that globalization and e-government development improve economic growth and eradicate poverty and income inequality by boosting digitalization, investments, job creation, and wage increases for semi-skilled and unskilled human capital in Belt and Road countries. The sustainable utilization of financial and institutional resources plays a vital role in reducing income inequality and poverty in Belt and Road countries.

Social security, income inequality and growth

2011 ◽  
Vol 11 (1) ◽  
pp. 53-70 ◽  
Author(s):  
GILLES LE GARREC
Keyword(s):  
Economic Growth ◽  
Income Inequality ◽  
Low Income ◽  
Pension System ◽  
Industrial Countries ◽  
Lifetime Income ◽  
Actuarial Fairness ◽  
Retirement Systems ◽  
Pension Benefits ◽  
Shed Light

AbstractIn most industrial countries, public pension systems redistribute from workers to retired people, not from high-income to low-income earners. They are close actuarial fairness. However, they are not all equivalent. In particular, some pension benefits are linked to full lifetime average earnings, while others are only linked to partial earnings history. In the latter case, we then show in this article that an actuarially fair pay-as-you-go pension system can both reduce lifetime income inequality and enhance economic growth. We also shed light on the dilemma between inequality and economic growth in retirement systems: greater progressivity results in less lifetime inequlity but also less growth.

scholarly journals Income inequality in the 21st century — A biased summary of Piketty’s capital in the twenty-first century

2015 ◽  
Vol 27 (02) ◽  
pp. 1630001 ◽  
Author(s):  
Dietrich Stauffer
Keyword(s):  
Income Inequality ◽  
21St Century ◽  
First Century ◽  
Income Distributions ◽  
Twenty First Century

Capital usually leads to income and income is more accurately and easily measured. Thus, we summarize income distributions in USA, Germany, etc.

A NOTE ON INFLATION, ECONOMIC GROWTH, AND INCOME INEQUALITY

2009 ◽  
Vol 13 (1) ◽  
pp. 138-147 ◽  
Author(s):  
Yi Jin
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
Income Inequality ◽  
Endogenous Growth ◽  
Money Growth ◽  
Relative Importance ◽  
Long Run ◽  
Endogenous Growth Model ◽  
The Relationship ◽  
Negative Growth

This paper develops a monetary endogenous growth model with capital and skill heterogeneity to analyze the relationship among inflation, growth, and income inequality. In the model inflation, growth, and inequality are jointly determined. We show that an increase in the long-run money growth rate raises inflation and reduces growth, but its effect on income inequality depends on the relative importance of the two types of heterogeneity. Inequality shrinks with the rise of inflation when capital heterogeneity dominates and enlarges when skill heterogeneity dominates. Therefore, our model supports a negative (positive) inflation–inequality relationship and a positive (negative) growth–inequality relationship when capital (skill) heterogeneity dominates. In any event, inflation and growth are negatively related.

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