Economists have long been worried about income inequality and its effects on welfare. For instance, workers with a college degree earn on average much more than those who did not complete high school. This disparity translates into large differences in consumption levels and hence welfare (see, for instance, Heathcote et al. 2010).
Who lives longer?
Josep Pijoan-Mas, Víctor Ríos-Rull, 30 September 2012
Stock market wealth effects in emerging market countries
Heiko Hesse, 16 October 2008
There are a few channels through which asset price changes affect consumption. For instance, consumption depends on peoples’ expectations of wage income and equity price increases can signal higher income growth.
Cultural assimilation, cultural diffusion and the origin of the wealth of nations
Quamrul Ashraf, Oded Galor, 13 September 2007
At the start of the 2nd millennium CE, civilisations of Asia were arguably well ahead of European societies in both wealth and knowledge. By the 12th century, China employed water-driven machinery to make textiles and coke-based smelting to produce iron, technologies that would not appear in Europe for more than five hundred years.
The uncertain future of inheritance taxation
Graziella Bertocchi, 15 July 2007
One of Sarkozy’s electoral promises to the French people during his recent electoral campaign has been a drastic reduction of the inheritance tax. In a country where a wealth tax on large fortunes has been introduced as recently as 1989, this has undoubtedly been perceived as a substantial break with the past.
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