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The Dynamics of Inequality
Open accessAbstract
The past forty years have seen a rapid rise in top income inequality in the United States. While there is a large number of existing theories of the Pareto tail of the long-run income distributions, almost none of these address the fast rise in top inequality observed in the data. We show that standard theories, which build on a random growth mechanism, generate transition dynamics that are an order of magnitude too slow relative to those observed in the data. We then suggest two parsimonious deviations from the canonical model that can explain such changes: "scale dependence" that may arise from changes in skill prices, and "type dependence," i.e. the presence of some "high-growth types." These deviations are consistent with theories in which the increase in top income inequality is driven by the rise of "superstar" entrepreneurs or managers.
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Cites
Top Incomes in the Long Run of History
Atkinson, A. B., Piketty, T., & Saez, E. (2011) · Journal of Economic Literature · doi:10.1257/jel.49.1.3 · Cited by 2,362
Wealth Inequality in the United States since 1913: Evidence from Capitalized Income Tax Data
Saez, E., & Zucman, G. (2016) · The Quarterly Journal of Economics · doi:10.1093/qje/qjw004 · Cited by 1,636
Cited by
Income and Wealth Inequality in America, 1949–2016
Kuhn, M., Schularick, M., & Steins, U. I. (2020) · Journal of Political Economy · doi:10.1086/708815 · Cited by 485
Heterogeneity and Persistence in Returns to Wealth
Fagereng, A., Guiso, L., Malacrino, D., & Pistaferri, L. (2020) · Econometrica · doi:10.3982/ecta14835 · Cited by 375
Rich Pickings? Risk, Return, and Skill in Household Wealth
Bach, L., Calvet, L. E., & Sodini, P. (2020) · American Economic Review · doi:10.1257/aer.20170666 · Cited by 284
Uneven growth: automation’s impact on income and wealth inequality
Moll, B., Rachel, L., & Restrepo, P. (2022) · Econometrica · doi:10.3982/ecta19417 · Cited by 148
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Metadata
- Authors
- Gabaix, X., Lasry, J.-M., Lions, P.-L., & Moll, B.
- Venue
- Econometrica
- Publisher
- The Econometric Society
- Published
- 2016
- Volume
- 84
- Issue
- 6
- Pages
- 2071-2111
- ISSN
- 0012-9682 (ISSN-L)
- OpenAlex
- W1514149482
- Cited by
- 336
- References
- 2
- FWCI
- 80.03
- Type
- journal article
- Language
- en
- Open access
- green
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