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Journal Article

Handbook of income distribution

TL;DR: Theories of persistent inequality and intergenerational mobility (T. Bertola) as discussed by the authors have been proposed for the distribution of wealth in the United Kingdom and the United States of America.
Abstract: Introduction. Income distribution and Economics (A.B. Atkinson, F. Bourguignon). Social justice and distribution of income (A.K. Sen). Measurement of inequality (F.A. Cowell). Three centuries of inequality in Britain and America (P.H. Lindert). Historical perspectives on income distribution: The case of Europe (C. Morrisson). Empirical evidence on income inequality in industrialized countries (P. Gottschalk, T.M. Smeeding). Income poverty in advanced countries (M. Jantti, S. Danziger). Theories of the distribution of earnings (D. Neal, S. Rosen). Theories of persistent inequality and intergenerational mobility (T. Piketty). Macroeconomics of distribution and growth (G. Bertola). Wealth inequality, wealth constraints and economic performance (P. Bardhan, S. Bowles and H. Gintis). The distribution of wealth (J.B. Davies, A.F. Shorrocks). Redistribution (R. Boadway, M. Keen). Income distribution and development (R. Kanbur). Income distribution, economic systems and transition (J. Flemming, J. Micklewright).
Citations
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Book
11 Aug 2003
TL;DR: The Statistical Size Distribution in Economics and Actuarial Sciences (SDFIS) as discussed by the authors is a collection of parametric models that deal with income, wealth, and related notions.
Abstract: A comprehensive account of economic size distributions around the world and throughout the years In the course of the past 100 years, economists and applied statisticians have developed a remarkably diverse variety of income distribution models, yet no single resource convincingly accounts for all of these models, analyzing their strengths and weaknesses, similarities and differences. Statistical Size Distributions in Economics and Actuarial Sciences is the first collection to systematically investigate a wide variety of parametric models that deal with income, wealth, and related notions. Christian Kleiber and Samuel Kotz survey, compliment, compare, and unify all of the disparate models of income distribution, highlighting at times a lack of coordination between them that can result in unnecessary duplication. Considering models from eight languages and all continents, the authors discuss the social and economic implications of each as well as distributions of size of loss in actuarial applications. Specific models covered include: Pareto distributions Lognormal distributions Gamma-type size distributions Beta-type size distributions Miscellaneous size distributions Three appendices provide brief biographies of some of the leading players along with the basic properties of each of the distributions. Actuaries, economists, market researchers, social scientists, and physicists interested in econophysics will find Statistical Size Distributions in Economics and Actuarial Sciences to be a truly one-of-a-kind addition to the professional literature.

882 citations

Journal ArticleDOI
26 Oct 2011-PLOS ONE
TL;DR: It is found that transnational corporations form a giant bow-tie structure and that a large portion of control flows to a small tightly-knit core of financial institutions that can be seen as an economic “super-entity” that raises new important issues both for researchers and policy makers.
Abstract: The structure of the control network of transnational corporations affects global market competition and financial stability. So far, only small national samples were studied and there was no appropriate methodology to assess control globally. We present the first investigation of the architecture of the international ownership network, along with the computation of the control held by each global player. We find that transnational corporations form a giant bow-tie structure and that a large portion of control flows to a small tightly-knit core of financial institutions. This core can be seen as an economic “super-entity” that raises new important issues both for researchers and policy makers.

707 citations

Journal ArticleDOI
TL;DR: In this article, the authors reviewed statistical models for money, wealth, and income distributions developed in the econophysics literature since the late 1990s and showed that the probability distribution of money is exponential for certain classes of models with interacting economic agents.
Abstract: This Colloquium reviews statistical models for money, wealth, and income distributions developed in the econophysics literature since the late 1990s. By analogy with the Boltzmann-Gibbs distribution of energy in physics, it is shown that the probability distribution of money is exponential for certain classes of models with interacting economic agents. Alternative scenarios are also reviewed. Data analysis of the empirical distributions of wealth and income reveals a two-class distribution. The majority of the population belongs to the lower class, characterized by the exponential (``thermal'') distribution, whereas a small fraction of the population in the upper class is characterized by the power-law (``superthermal'') distribution. The lower part is very stable, stationary in time, whereas the upper part is highly dynamical and out of equilibrium.

494 citations


Cites background from "Handbook of income distribution"

  • ...Interestingly, the study of pairwise money transfer and the resulting statistical distribution of money 3 See, e.g., Atkinson and Bourguignon (2000); Atkinson and Piketty (2007); Champernowne (1953); Champernowne and Cowell (1998); Gibrat (1931); Kakwani (1980); Kalecki (1945); Pareto (1897);…...

    [...]

  • ...In contrast to more complicated functions discussed in the economic literature (Atkinson and Bourguignon, 2000; Champernowne and Cowell, 1998; Kakwani, 1980), Drăgulescu and Yakovenko (2001a) demonstrated that the lower part of income distribution can be well fitted with the simple exponential…...

    [...]

  • ...…and Yakovenko (2001b, 2003) showed that the whole income distribution can be fitted by an exponential function in the lower part and a power-law func- 11 See, e.g., Atkinson and Bourguignon (2000); Atkinson and Piketty (2007); Champernowne and Cowell (1998); Kakwani (1980); Piketty and Saez (2003)....

    [...]

Journal ArticleDOI
TL;DR: This article reviewed the literature on finance and inequality, highlighting substantive gaps in the literature and providing a rich set of predictions concerning both the impact of finance on inequality and about the relevant mechanisms.

462 citations

Journal ArticleDOI
Martin Ravallion1
TL;DR: In the last year or so, markedly different claims have been heard within the development community about just how much progress is being made against poverty and inequality in the current period of "globalization" as mentioned in this paper.
Abstract: In the last year or so, markedly different claims have been heard within the development community about just how much progress is being made against poverty and inequality in the current period of ‘globalization’. This article provides a non-technical overview of the conceptual and methodological issues underlying these conflicting claims. It argues that the dramatically different positions taken in this debate often stem from differences in the concepts and definitions used and differences in data sources and measurement assumptions. These differences are often hidden from view in the debate, but they need to be considered carefully if one is properly to interpret the evidence. The article argues that the best available evidence suggests that, if the rate of progress against absolute poverty in the developing world in the 1990s is maintained, then the Millennium Development Goal of halving the 1990 aggregate poverty rate by 2015 will be achieved on time in the aggregate, though not in all regions. The article concludes with some observations on the implications for policy-oriented debates on globalization and pro-poor growth.

308 citations


Cites background from "Handbook of income distribution"

  • ...4 For a recent survey see Cowell (2000)....

    [...]

References
More filters
Book
11 Aug 2003
TL;DR: The Statistical Size Distribution in Economics and Actuarial Sciences (SDFIS) as discussed by the authors is a collection of parametric models that deal with income, wealth, and related notions.
Abstract: A comprehensive account of economic size distributions around the world and throughout the years In the course of the past 100 years, economists and applied statisticians have developed a remarkably diverse variety of income distribution models, yet no single resource convincingly accounts for all of these models, analyzing their strengths and weaknesses, similarities and differences. Statistical Size Distributions in Economics and Actuarial Sciences is the first collection to systematically investigate a wide variety of parametric models that deal with income, wealth, and related notions. Christian Kleiber and Samuel Kotz survey, compliment, compare, and unify all of the disparate models of income distribution, highlighting at times a lack of coordination between them that can result in unnecessary duplication. Considering models from eight languages and all continents, the authors discuss the social and economic implications of each as well as distributions of size of loss in actuarial applications. Specific models covered include: Pareto distributions Lognormal distributions Gamma-type size distributions Beta-type size distributions Miscellaneous size distributions Three appendices provide brief biographies of some of the leading players along with the basic properties of each of the distributions. Actuaries, economists, market researchers, social scientists, and physicists interested in econophysics will find Statistical Size Distributions in Economics and Actuarial Sciences to be a truly one-of-a-kind addition to the professional literature.

882 citations

Journal ArticleDOI
26 Oct 2011-PLOS ONE
TL;DR: It is found that transnational corporations form a giant bow-tie structure and that a large portion of control flows to a small tightly-knit core of financial institutions that can be seen as an economic “super-entity” that raises new important issues both for researchers and policy makers.
Abstract: The structure of the control network of transnational corporations affects global market competition and financial stability. So far, only small national samples were studied and there was no appropriate methodology to assess control globally. We present the first investigation of the architecture of the international ownership network, along with the computation of the control held by each global player. We find that transnational corporations form a giant bow-tie structure and that a large portion of control flows to a small tightly-knit core of financial institutions. This core can be seen as an economic “super-entity” that raises new important issues both for researchers and policy makers.

707 citations

Journal ArticleDOI
TL;DR: In this article, the authors reviewed statistical models for money, wealth, and income distributions developed in the econophysics literature since the late 1990s and showed that the probability distribution of money is exponential for certain classes of models with interacting economic agents.
Abstract: This Colloquium reviews statistical models for money, wealth, and income distributions developed in the econophysics literature since the late 1990s. By analogy with the Boltzmann-Gibbs distribution of energy in physics, it is shown that the probability distribution of money is exponential for certain classes of models with interacting economic agents. Alternative scenarios are also reviewed. Data analysis of the empirical distributions of wealth and income reveals a two-class distribution. The majority of the population belongs to the lower class, characterized by the exponential (``thermal'') distribution, whereas a small fraction of the population in the upper class is characterized by the power-law (``superthermal'') distribution. The lower part is very stable, stationary in time, whereas the upper part is highly dynamical and out of equilibrium.

494 citations

Journal ArticleDOI
Martin Ravallion1
TL;DR: In the last year or so, markedly different claims have been heard within the development community about just how much progress is being made against poverty and inequality in the current period of "globalization" as mentioned in this paper.
Abstract: In the last year or so, markedly different claims have been heard within the development community about just how much progress is being made against poverty and inequality in the current period of ‘globalization’. This article provides a non-technical overview of the conceptual and methodological issues underlying these conflicting claims. It argues that the dramatically different positions taken in this debate often stem from differences in the concepts and definitions used and differences in data sources and measurement assumptions. These differences are often hidden from view in the debate, but they need to be considered carefully if one is properly to interpret the evidence. The article argues that the best available evidence suggests that, if the rate of progress against absolute poverty in the developing world in the 1990s is maintained, then the Millennium Development Goal of halving the 1990 aggregate poverty rate by 2015 will be achieved on time in the aggregate, though not in all regions. The article concludes with some observations on the implications for policy-oriented debates on globalization and pro-poor growth.

308 citations

Book
24 Jan 2017
TL;DR: The "Four Horsemen" of leveling-mass-mobilization warfare, transformative revolutions, state collapse, and catastrophic plagues-have repeatedly destroyed the fortunes of the rich as discussed by the authors.
Abstract: Are mass violence and catastrophes the only forces that can seriously decrease economic inequality? To judge by thousands of years of history, the answer is yes. Tracing the global history of inequality from the Stone Age to today, Walter Scheidel shows that it never dies peacefully. The Great Leveler is the first book to chart the crucial role of violent shocks in reducing inequality over the full sweep of human history around the world. The "Four Horsemen" of leveling-mass-mobilization warfare, transformative revolutions, state collapse, and catastrophic plagues-have repeatedly destroyed the fortunes of the rich. Today, the violence that reduced inequality in the past seems to have diminished, and that is a good thing. But it casts serious doubt on the prospects for a more equal future. An essential contribution to the debate about inequality, The Great Leveler provides important new insights about why inequality is so persistent-and why it is unlikely to decline anytime soon.

278 citations