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Journal articles on the topic 'Wealth distribution'

Author: Grafiati

Published: 4 June 2021

Last updated: 15 June 2025

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1

Boghosian, Bruce. "Fokker–Planck description of wealth dynamics and the origin of Pareto's law." International Journal of Modern Physics C 25, no. 12 (2014): 1441008. http://dx.doi.org/10.1142/s0129183114410083.

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The so-called "Yard-Sale Model" of wealth distribution posits that wealth is transferred between economic agents as a result of transactions whose size is proportional to the wealth of the less wealthy agent. In recent work [B. M. Boghosian, Phys. Rev. E89, 042804 (2014)], it was shown that this results in a Fokker–Planck equation governing the distribution of wealth. With the addition of a mechanism for wealth redistribution, it was further shown that this model results in stationary wealth distributions that are very similar in form to Pareto's well-known law. In this paper, a much simpler derivation of that Fokker–Planck equation is presented.

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2

Pekasiewicz, Dorota. "The application of the Pareto distribution to approximate income distributions of wealthy households in Poland." Wiadomości Statystyczne. The Polish Statistician 66, no. 5 (2021): 43–59. http://dx.doi.org/10.5604/01.3001.0014.8865.

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The aim of the paper is to approximate the equivalent income distributions of wealthy households in particular socio-economic groups using the Pareto distribution, with parameters estimated by means of the maximum likelihood estimation method. Households whose income exceeded the established wealth threshold were classified as wealthy households. Income distributions of wealthy households are usually non-modal and heavy-tailed, thus, the Pareto distribution was applied as their theoretical model. The equivalent income of wealthy households in Poland was analysed in total and in particular socio-economic groups. The research was based on data from the 2014–2017 Household Budget Survey. Selected similarity measures were used to examine the degree to which the theoretical distributions proved consistent with the empirical ones. The obtained results confirmed the high level of consistency of empirical income distributions with the Pareto model. Moreover, very good approximations were obtained especially for wealthy households of employees and self-employed, as well as pensioners. Slightly worse results were obtained for the farmers group. Theoretical distributions well fitted to empirical data were used to estimate selected distribution characteristics, including measures of location, dispersion and inequality, and to compare the different groups in terms of their wealth.

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3

Benhabib, Jess, Wei Cui, and Jianjun Miao. "Capital income jumps and wealth distribution." Quantitative Economics 15, no. 4 (2024): 1197–247. http://dx.doi.org/10.3982/qe2096.

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Compared to the distributions of earnings, the distributions of wealth in the US and many other countries are strikingly concentrated on the top and skewed to the right. To explain the income and wealth inequality, we provide a tractable heterogeneous‐agent model with incomplete markets in continuous time. We separate illiquid capital assets from liquid bond assets and introduce jump risks to capital income, which are crucial for generating a thicker tail of the wealth distribution than that of the labor income distribution. Under recursive utility, we derive optimal consumption and wealth in closed form and show that the stationary wealth distribution has an exponential right tail that closely approximates a power‐law distribution. Our calibrated model can match the income and wealth distributions in the US data including the extreme right tail of the wealth distribution.

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4

Brown, Christopher. "The Distribution of Wealth." Journal of Economic Issues 40, no. 1 (2006): 226–28. http://dx.doi.org/10.1080/00213624.2006.11506895.

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5

Grabka, Markus M., Jan Marcus, and Eva Sierminska. "Wealth distribution within couples." Review of Economics of the Household 13, no. 3 (2013): 459–86. http://dx.doi.org/10.1007/s11150-013-9229-2.

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6

Nevile, J. W. "The distribution of wealth." Australian Journal of Social Issues 40, no. 2 (2005): 319–22. http://dx.doi.org/10.1002/j.1839-4655.2005.tb00975.x.

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7

Cirillo, Pasquale, Frank Redig, and Wioletta Ruszel. "Duality and stationary distributions of wealth distribution models." Journal of Physics A: Mathematical and Theoretical 47, no. 8 (2014): 085203. http://dx.doi.org/10.1088/1751-8113/47/8/085203.

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8

Patrício, Pedro, and Nuno A. M. Araújo. "Inheritances, social classes, and wealth distribution." PLOS ONE 16, no. 10 (2021): e0259002. http://dx.doi.org/10.1371/journal.pone.0259002.

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We consider a simple theoretical model to investigate the impact of inheritances on the wealth distribution. Wealth is described as a finite resource, which remains constant over different generations and is divided equally among offspring. All other sources of wealth are neglected. We consider different societies characterized by a different offspring probability distribution. We find that, if the population remains constant, the society reaches a stationary wealth distribution. We show that inequality emerges every time the number of children per family is not always the same. For realistic offspring distributions from developed countries, the model predicts a Gini coefficient of G ≈ 0.3. If we divide the society into wealth classes and set the probability of getting married to depend on the distance between classes, the stationary wealth distribution crosses over from an exponential to a power-law regime as the number of wealth classes and the level of class distinction increase.

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9

Andrecut, M. "Local operators in kinetic wealth distribution." International Journal of Modern Physics C 27, no. 11 (2016): 1650132. http://dx.doi.org/10.1142/s0129183116501321.

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The statistical mechanics approach to wealth distribution is based on the conservative kinetic multi-agent model for money exchange, where the local interaction rule between the agents is analogous to the elastic particle scattering process. Here, we discuss the role of a class of conservative local operators, and we show that, depending on the values of their parameters, they can be used to generate all the relevant distributions. We also show numerically that in order to generate the power-law tail, an heterogeneous risk aversion model is required. By changing the parameters of these operators, one can also fine tune the resulting distributions in order to provide support for the emergence of a more egalitarian wealth distribution.

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10

Jakobsen, Katrine, Kristian Jakobsen, Henrik Kleven, and Gabriel Zucman. "Wealth Taxation and Wealth Accumulation: Theory and Evidence From Denmark*." Quarterly Journal of Economics 135, no. 1 (2019): 329–88. http://dx.doi.org/10.1093/qje/qjz032.

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Abstract Using administrative wealth records from Denmark, we study the effects of wealth taxes on wealth accumulation. Denmark used to impose one of the world’s highest marginal tax rates on wealth, but this tax was greatly reduced starting in 1989 and later abolished. Due to the specific design of the wealth tax, the 1989 reform provides a compelling quasi-experiment for understanding behavioral responses among the wealthiest segments of the population. We find clear reduced-form effects of wealth taxes in the short and medium run, with larger effects on the very wealthy than on the moderately wealthy. We develop a simple life cycle model with utility of residual wealth (bequests) allowing us to interpret the evidence in terms of structural primitives. We calibrate the model to the quasi-experimental moments and simulate the model forward to estimate the long-run effect of wealth taxes on wealth accumulation. Our simulations show that the long-run elasticity of taxable wealth with respect to the net-of-tax return is sizable at the top of the distribution.

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11

Boserup, Simon H., Wojciech Kopczuk, and Claus T. Kreiner. "The Role of Bequests in Shaping Wealth Inequality: Evidence from Danish Wealth Records." American Economic Review 106, no. 5 (2016): 656–61. http://dx.doi.org/10.1257/aer.p20161036.

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Using Danish administrative data, we estimate the impact of bequests on the level and inequality of wealth. We compare the distributions of wealth over time of people whose parent died and those whose parent did not. Bequests account for 26 percent of the average post-bequest wealth 1-3 years after parental death and significantly affect wealth throughout the distribution. Bequests increase absolute wealth inequality (variance of the distribution censored at the top/bottom 1% increases by 33 percent), but reduce relative inequality (the top 1% share declines by 6 percentage points from the base of 31 percent).

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12

Calvelli, Matheus, and Evaldo M. F. Curado. "A Wealth Distribution Agent Model Based on a Few Universal Assumptions." Entropy 25, no. 8 (2023): 1236. http://dx.doi.org/10.3390/e25081236.

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We propose a new agent-based model for studying wealth distribution. We show that a model that links wealth to information (interaction and trade among agents) and to trade advantage is able to qualitatively reproduce real wealth distributions, as well as their evolution over time and equilibrium distributions. These distributions are shown in four scenarios, with two different taxation schemes where, in each scenario, only one of the taxation schemes is applied. In general, the evolving end state is one of extreme wealth concentration, which can be counteracted with an appropriate wealth-based tax. Taxation on annual income alone cannot prevent the evolution towards extreme wealth concentration.

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13

Choi, Young Back. "MISUNDERSTANDING DISTRIBUTION." Social Philosophy and Policy 19, no. 1 (2002): 110–39. http://dx.doi.org/10.1017/s0265052502191060.

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Inequality in income and wealth distribution in society is said to be a great concern to many social critics. Rarely is the issue of inequality in income or wealth distribution, as such, a concern for the majority of Americans as individuals, however.

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14

Pareschi, L., and G. Toscani. "Wealth distribution and collective knowledge: a Boltzmann approach." Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences 372, no. 2028 (2014): 20130396. http://dx.doi.org/10.1098/rsta.2013.0396.

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We introduce and discuss a nonlinear kinetic equation of Boltzmann type that describes the influence of knowledge in the evolution of wealth in a system of agents that interact through the binary trades, an equation first introduced by Cordier et al. (2005 J. Stat. Phys. 120 , 253–277 ( doi:10.1007/S10955-005-5456-0 )). The trades, which include both saving propensity and the risks of the market, are here modified in the risk and saving parameters, which now are assumed to depend on the personal degree of knowledge. The numerical simulations show that the presence of knowledge has the potential to produce a class of wealthy agents and to account for a larger proportion of wealth inequality.

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15

Catania, Sandrine. "Wealth distribution and fiscal policy." Recherches économiques de Louvain 64, no. 4 (1998): 365–81. http://dx.doi.org/10.1017/s077045180003164x.

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SummaryThis paper examines the long-run equilibrium wealth distribution in the context of a general equilibrium model in which heterogeneous agents are born into dynasties. When agents are born, they are randomly assigned to be either altruists or egoists. An altruistic agent cares about his progeny and so consumes part of his income (wages plus bequests) and bequeaths the rest to his heirs. These bequests determine the capital stock next period. An egoistic agent consumes all his income (wages plus bequests) leaving nothing to his heirs. Assuming that the probability that an altruist (egoist) is born to an altruist or an egoist follows a first-order Markov process, and given initial conditions on the distribution of wealth and bequests, the equilibrium dynamics of the economy can be characterised, and a stationary equilibrium (numerically) solved. This done, two fiscal policy tax/intragenerational transfer regimes are evaluated in terms of individual welfare and the distribution of wealth.

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16

Spencer, Aron S., Bruce A. Kirchhoff, and Craig White. "Entrepreneurship, Innovation, and Wealth Distribution." International Small Business Journal: Researching Entrepreneurship 26, no. 1 (2008): 9–26. http://dx.doi.org/10.1177/0266242607084657.

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17

Chakraborti, A., and M. Patriarca. "Gamma-distribution and wealth inequality." Pramana 71, no. 2 (2008): 233–43. http://dx.doi.org/10.1007/s12043-008-0156-3.

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18

Toscani, Giuseppe. "Continuum models in wealth distribution." Rendiconti Lincei - Matematica e Applicazioni 28, no. 3 (2017): 451–61. http://dx.doi.org/10.4171/rlm/770.

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19

Ghiglino, Christian, and Alain Venditti. "Wealth distribution and output fluctuations." Journal of Economic Theory 146, no. 6 (2011): 2478–509. http://dx.doi.org/10.1016/j.jet.2011.06.004.

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20

Taylor, John A. "Black Death, “Industrial Revolution” and Paper Age collapse." Terra Economicus 18, no. 3 (2020): 6–17. http://dx.doi.org/10.18522/2073-6606-2020-18-3-6-17.

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This essay discusses first English and then world economic history, starting with the Black Death of 1348–1400AD. When the English population and wealth both increased after 1400, the structure of English development by the year 1700 became a little bit like a spiral, this paper says. The aggregate size of wealth increased, but there was little commensurate change in the distribution of wealth. The eighteenth-century English elite absorbed the elites of Wales and Scotland, and then the Protestant elite of Ireland. Then, on the same model of absorption, an English-speaking elite later came to dominate world wealth. As the world population increased in the early modern period, and as aggregate wealth increased apace, the distribution of world wealth became approximately what the distribution of wealth had been in England in 1700. A tiny group of very wealthy people had controlled the wealth of England in 1700. In the late twentieth century, the English elite absorbed the world elite many of whom adopted the English language and much of English culture. They often sent their children to study in Britain or America. Now this tiny elite group, English in language and usually English in culture, controls much of the wealth of the world while at the same time the ongoing increase in population has produced a huge number of very poor people.

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21

Palley, Thomas I. "Wealth and wealth distribution in the neo-Kaleckian growth model." Journal of Post Keynesian Economics 34, no. 3 (2012): 453–74. http://dx.doi.org/10.2753/pke0160-3477340304.

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22

Advani, Arun, George Bangham, and Jack Leslie. "The UK's wealth distribution and characteristics of high‐wealth households." Fiscal Studies 42, no. 3-4 (2021): 397–430. http://dx.doi.org/10.1111/1475-5890.12286.

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23

Polk, Sam L., and Bruce M. Boghosian. "The Nonuniversality of Wealth Distribution Tails Near Wealth Condensation Criticality." SIAM Journal on Applied Mathematics 81, no. 4 (2021): 1717–41. http://dx.doi.org/10.1137/19m1306051.

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24

Lee, Gyemin, and Gwang Il Kim. "Degree and wealth distribution in a network induced by wealth." Physica A: Statistical Mechanics and its Applications 383, no. 2 (2007): 677–86. http://dx.doi.org/10.1016/j.physa.2007.04.060.

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25

Naciri, Ahmed. "Rethinking Wealth: Inclusivity and Sustainability in a Global Context." Journal of Economics and Technology Research 5, no. 2 (2024): p165. http://dx.doi.org/10.22158/jetr.v5n2p165.

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The paper explores the multifaceted role of wealth in shaping human history and contemporary society. It delves into wealth’s evolution from tangible goods to virtual forms, its impact on economic exchanges, innovation, and power dynamics. It highlights wealth’s potential to stimulate economic growth and create opportunities, but also underlines its negative consequences such as environmental exploitation and unequal distribution leading to poverty. The paper particularly challenges existing global wealth distribution metrics, proposing a more holistic approach that considers individual realities and socioeconomic dynamics. It also introduces the concept of the “1% Law,” which illustrates the extreme wealth disparity globally and advocates for redistributive measures to address it.

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26

Calomiris, Charles W. "The Housing Wealth Effect: The Crucial Roles of Demographics, Wealth Distribution and Wealth Shares." Critical Finance Review 2, no. 1 (2013): 49–99. http://dx.doi.org/10.1561/104.00000008.

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27

Rosenfeld, Ben Zion, and Haim Perlmutter. "“Who is Rich”?" Journal of Ancient Judaism 6, no. 2 (2015): 275–99. http://dx.doi.org/10.30965/21967954-00602007.

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This article analyzes the wealthy strata of Jewish society in Roman Palestine in the first centuries after the destruction of the Temple in 70 C. E. It examines the use of the term “wealthy” in Jewish literature of the time, demonstrating that the authors of this literature used it differently than modern use. “Rich” for them is primarily “not poor,” and may reflect differing levels of property possession. One level is a person who is wealthy compared to his neighbors. Another use of the word relates to those perceived to be objectively wealthy. The use of the term in the Hebrew Bible and the Second Temple literature serves as a background for discussion of its use in the New Testament and in rabbinic literature. In addition, this article surveys the archaeological finds that help to determine the various kinds of “wealth” in contemporary society. This analysis aids in our understanding of the distribution of wealth in Roman Palestine and can even serve as a paradigm for wealth distribution elsewhere in the Roman East.

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28

Benhabib, Jess, and Alberto Bisin. "Skewed Wealth Distributions: Theory and Empirics." Journal of Economic Literature 56, no. 4 (2018): 1261–91. http://dx.doi.org/10.1257/jel.20161390.

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Invariably, across a cross-section of countries and time periods, wealth distributions are skewed to the right displaying thick upper tails, that is, large and slowly declining top wealth shares. In this survey, we categorize the theoretical studies on the distribution of wealth in terms of the underlying economic mechanisms generating skewness and thick tails. Further, we show how these mechanisms can be micro-founded by the consumption–savings decisions of rational agents in specific economic and demographic environments. Finally we map the large empirical work on the wealth distribution to its theoretical underpinnings. (JEL C46, D14, D31, E21, J31)

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29

Cho, Changhee, Jihun Park, Biseko Juma Mafwele, Quang Anh Le, Hye Jin Park, and Jae Woo Lee. "Emergence of Inequality in Income and Wealth Dynamics." Entropy 25, no. 8 (2023): 1129. http://dx.doi.org/10.3390/e25081129.

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Increasing wealth inequality is a significant global issue that demands attention. While the distribution of wealth varies across countries based on their economic stages, there is a universal trend observed in the distribution function. Typically, regions with lower wealth values exhibit an exponential distribution, while regions with higher wealth values demonstrate a power-law distribution. In this review, we introduce measures that effectively capture wealth inequality and examine wealth distribution functions within the wealth exchange model. Drawing inspiration from the field of econophysics, wealth exchange resulting from economic activities is likened to a kinetic model, where molecules collide and exchange energy. Within this framework, two agents exchange a specific amount of wealth. As we delve into the analysis, we investigate the impact of various factors such as tax collection, debt allowance, and savings on the wealth distribution function when wealth is exchanged. These factors play a crucial role in shaping the dynamics of wealth distribution.

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30

Derenoncourt, Ellora, Chi Hyun Kim, Moritz Kuhn, and Moritz Schularick. "Changes in the Distribution of Black and White Wealth since the US Civil War." Journal of Economic Perspectives 37, no. 4 (2023): 71–89. http://dx.doi.org/10.1257/jep.37.4.71.

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The difference in the average wealth of Black and white Americans narrowed in the first century after the Civil War, but remained large and even widened again after 1980. Given high levels of wealth concentration both historically and today, dynamics at the average may not capture important heterogeneity in racial wealth gaps across the distribution. This paper looks into the historical evolution of the Black and white wealth distributions since Emancipation. The picture that emerges is an even starker one than racial wealth inequality at the mean. Tracing, for the first time, the evolution of wealth of the median Black household and the gap between the typical Black and white household over time, we estimate that the majority of Black households only began to dispose of measurable wealth around World War II. While the civil rights era brought substantial wealth gains for the median Black household, the gap between Black and white wealth at the median has not changed much since the 1970s. The top and the bottom of the wealth distribution show even greater persistence, with Black households consistently over-represented in the bottom half of the wealth distribution and under-represented in the top-10 percent over the past seven decades.

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31

Pfeffer, Fabian T., and Asher Dvir-Djerassi. "The U.S. Wealth Distribution: Off the Charts." Socius: Sociological Research for a Dynamic World 8 (January 2022): 237802312211439. http://dx.doi.org/10.1177/23780231221143957.

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Although extreme and rising levels of U.S. wealth inequality have generated much public and scientific interest, building intuition on the shape and scale of today’s wealth distribution remains difficult. Prior research tends to conceptualize and measure wealth inequality in one of two ways: As the concentration of assets among the superwealthy (i.e., wealth concentration among the top 1 percent or even top 0.1 percent) or as a population-wide phenomenon of distributional inequality (i.e., wealth inequality among the remaining 99 percent). Of course, both perspectives are valid and important; they simply focus on different slices of the overall wealth distribution, sometimes because of limitations of the data that are being used. Extreme concentration of wealth at the very top and very high levels of inequality within the remainder of the distribution thus coexist. Yet jointly visualizing both aspects and relating them to each other is challenging. This contribution addresses this challenge by providing an intuitive and interactive visualization of the distribution of U.S. wealth in 2019 that spans the full population, from households in net debt to multibillionaires.

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32

Sargent, Thomas J., Neng Wang, and Jinqiang Yang. "Earnings growth and the wealth distribution." Proceedings of the National Academy of Sciences 118, no. 15 (2021): e2025368118. http://dx.doi.org/10.1073/pnas.2025368118.

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As measured by Gini coefficients, fractile inequalities, and tail power laws, wealth is distributed less equally across people than are labor earnings. We study how luck, attitudes that shape saving decisions, and growth rates of labor earnings balance each other in ways that simultaneously shape joint distributions across people of labor earnings, age, and wealth together with an equilibrium rate of return on savings that plays a pivotal role in balancing contending forces. Strong motives for people to save and for firms to demand capital raise an equilibrium interest rate enough to make wealth grow faster than labor earnings. That makes cross-sectional wealth more unevenly distributed and have a fatter tail than labor earnings, as in US data.

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33

Kato, Takeshi, and Yoshinori Hiroi. "Wealth disparities and economic flow: Assessment using an asset exchange model with the surplus stock of the wealthy." PLOS ONE 16, no. 11 (2021): e0259323. http://dx.doi.org/10.1371/journal.pone.0259323.

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How can we limit wealth disparities while stimulating economic flows in sustainable societies? To examine the link between these concepts, we propose an econophysics asset exchange model with the surplus stock of the wealthy. The wealthy are one of the two exchange agents and have more assets than the poor. Our simulation model converts the surplus contribution rate of the wealthy to a new variable parameter alongside the saving rate and introduces the total exchange (flow) and rank correlation coefficient (metabolism) as new evaluation indexes, adding to the Gini index (disparities), thereby assessing both wealth distribution and the relationships among the disparities, flow, and metabolism. We show that these result in a gamma-like wealth distribution, and our model reveals a trade-off between limiting disparities and vitalizing the market. To limit disparities and increase flow and metabolism, we also find the need to restrain savings and use the wealthy surplus stock. This relationship is explicitly expressed in the new equation introduced herein. The insights gained by uncovering the root of disparities may present a persuasive case for investments in social security measures or social businesses involving stock redistribution or sharing.

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34

Naito, Takumi, and Koji Shimomura. "International distribution of wealth and indeterminacy." International Economy 2001, no. 52 (2001): 147–48. http://dx.doi.org/10.5652/kokusaikeizai.2001.147.

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35

Ho, Wai-Yip Alex, and Chun-Yu Ho. "Inflation, Financial Developments, and Wealth Distribution." IMF Working Papers 16, no. 132 (2016): 1. http://dx.doi.org/10.5089/9781498352826.001.

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36

Il’inskii, A. I., and Z. Mierzwa. "Wealth Distribution in the Bitcoin Ecosystem." Finance: Theory and Practice 23, no. 2 (2019): 6–16. http://dx.doi.org/10.26794/2587-5671-2019-23-2-6-16.

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The paper deals with the problems of measuring uneven wealth distribution in the bitcoin ecosystem. All existing bitcoin distribution models depend on the analysis of bitcoin wallets and bitcoin addresses. They are based on the Bitcoin Rich List. This approach is insufficient due to the inscrutable relationships between people owning bitcoin, bitcoin wallets, and bitcoin addresses. In this paper, we used the methods of comparative analysis resulted in graphics as represented by Lorentz and Lamé curves and distribution of the Gini coefficients and the Kolkata index. We identified empirical cumulative functions of wealth distribution and the number of addresses with positive balance during the bubble and after its explosion. Approximations of the distribution of ‘poor’ and ‘rich’ addresses have been obtained and compared with the other results from the cited literature. The general public views the equality of network members as synonymous with the equal distribution of wealth among them. Emerging financial bubbles, especially in the US financial markets, lead to an increase in income inequality. However, after a bubble explodes, the inequality falls to the initial level.

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37

Dorling, Danny. "The Distribution of Wealth – Growing Inequality?" History of Economics Review 68, no. 1 (2017): 75–78. http://dx.doi.org/10.1080/10370196.2018.1463640.

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38

Johnson, Paul, and Sarah Tanner. "Ownership and the Distribution of Wealth." Political Quarterly 69, no. 4 (1998): 365–74. http://dx.doi.org/10.1111/1467-923x.00172.

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39

Basu, Urna, and P. K. Mohanty. "Modeling wealth distribution in growing markets." European Physical Journal B 65, no. 4 (2008): 585–89. http://dx.doi.org/10.1140/epjb/e2008-00372-9.

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40

Takahashi, Hiroto. "Wealth distribution and the underdevelopment trap." Journal of International Trade & Economic Development 13, no. 1 (2004): 1–21. http://dx.doi.org/10.1080/0963819042000213525.

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41

Díaz, Antonia, and María José Luengo-Prado. "THE WEALTH DISTRIBUTION WITH DURABLE GOODS." International Economic Review 51, no. 1 (2010): 143–70. http://dx.doi.org/10.1111/j.1468-2354.2009.00574.x.

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42

Yuki, Kazuhiro. "SECTORAL SHIFT, WEALTH DISTRIBUTION, AND DEVELOPMENT." Macroeconomic Dynamics 12, no. 4 (2008): 527–59. http://dx.doi.org/10.1017/s1365100508070296.

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Two phenomena are widely observed when an economy departs from an underdeveloped state and starts rapid economic growth. One is the shift of production, employment, and consumption from the traditional sector to the modern sector, and the other is a large increase in educational levels of the population. The question is why some economies have succeeded in such structural change, but others do not. To examine the question, an overlapping generations (OLG) model that explicitly takes into account the sectoral shift and human capital accumulation as sources of development is constructed. It is shown that, for a successful structural change, an economy must start with a wealth distribution that gives rise to an adequate size of the “middle class.” Once the economy initiates the “take-off,” the sectoral shift and human capital growth continue until it reaches the steady state with high income and equal distribution. However, when the productivity of the traditional sector is low, irrespective of the initial distribution and the productivity of the modern sector, it fails in the sectoral shift and ends up in one of steady states with low income and high inequality. Thus, sufficient productivity of the traditional sector is a prerequisite for development.

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43

Wang, Neng. "An equilibrium model of wealth distribution." Journal of Monetary Economics 54, no. 7 (2007): 1882–904. http://dx.doi.org/10.1016/j.jmoneco.2006.11.005.

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44

Huggett, Mark. "Wealth distribution in life-cycle economies." Journal of Monetary Economics 38, no. 3 (1996): 469–94. http://dx.doi.org/10.1016/s0304-3932(96)01291-3.

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45

Toda, Alexis Akira. "Wealth distribution with random discount factors." Journal of Monetary Economics 104 (June 2019): 101–13. http://dx.doi.org/10.1016/j.jmoneco.2018.09.006.

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46

Neumann, Richard. "Teaching Wealth Distribution in High School." Social Studies 106, no. 5 (2015): 236–43. http://dx.doi.org/10.1080/00377996.2015.1059795.

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Chakraborty, Archishman, and Alessandro Citanna. "Occupational choice, incentives and wealth distribution." Journal of Economic Theory 122, no. 2 (2005): 206–24. http://dx.doi.org/10.1016/j.jet.2003.11.004.

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Fernández-Villaverde, Jesús, Samuel Hurtado, and Galo Nuño. "Financial Frictions and the Wealth Distribution." Econometrica 91, no. 3 (2023): 869–901. http://dx.doi.org/10.3982/ecta18180.

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Abstract:

We postulate a continuous‐time heterogeneous agent model with a financial sector and households to study the nonlinear linkages between aggregate and financial variables. In our model, the interaction between the supply of bonds by the financial sector and the precautionary demand for bonds by households produces significant endogenous aggregate risk. This risk makes the economy transition between a high‐leverage region and a low‐leverage region, which, in turn, creates state dependence in impulse responses: the same shock starting from the high‐leverage region gets propagated and amplified more than when the shock arrives when leverage is low. State dependence in impulse responses generates a time‐varying aggregate precautionary savings motive that, by moving the risk‐free rate, justifies the leverage level of the financial sector in each region. Finally, we illustrate the usefulness of neutral networks to solve for the nonlinear perceived law of motion of the model, and the importance of household heterogeneity in driving its quantitative properties.

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Luo, Yulei, and Eric R. Young. "THE WEALTH DISTRIBUTION AND THE DEMAND FOR STATUS." Macroeconomic Dynamics 13, S1 (2009): 1–30. http://dx.doi.org/10.1017/s1365100509080092.

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Standard economic theories of asset markets assume that assets are valued entirely for the consumption streams they can finance. This paper examines the introduction of the demand for status (as a function of wealth) into a model of uninsurable idiosyncratic risk—the “spirit of capitalism” (“soc”) assumption. We find that soc preferences lead to less inequality in wealth; placing wealth into the utility function leads to a shrinking wealth distribution. The drop in wealth concentration is smaller if the utility function implies status is a luxury good, but no parametrization leads to higher wealth Gini coefficients than the benchmark case. We then consider the consequences of revenue-neutral tax reforms with and without soc preferences, finding that they make little difference for this policy experiment.

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Benhabib, Jess, Alberto Bisin, and Shenghao Zhu. "THE DISTRIBUTION OF WEALTH IN THE BLANCHARD–YAARI MODEL." Macroeconomic Dynamics 20, no. 2 (2014): 466–81. http://dx.doi.org/10.1017/s1365100514000066.

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We study the dynamics of the distribution of wealth in an economy with infinitely lived agents, intergenerational transmission of wealth, and redistributive fiscal policy. We show that wealth accumulation with idiosyncratic investment risk and uncertain lifetimes can generate a double Pareto wealth distribution.

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