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DOES WEALTH INEQUALITY MATTER FOR GROWTH? THE EFFECT OF BILLIONAIRE WEALTH, INCOME DISTRIBUTION, AND POWERTY
Sutirtha Bagchi, Jan Svejnar
Původní vědecký článek byl publikován včasopise Journal of Comparative Economics, Volume 3, 2015.
The original research article was be published in the Journal of Comparative Economics, Volume 3, 2015.
Abstract
A fundamental question in social sciences relates to the effect of wealth inequality on economic growth. Yet, in tackling the question, researchers have had to use income as a proxy for wealth. We derive a global measure of wealth inequality from Forbes magazine’s listing of billionaires and compare its effect on growth to the effects of income inequality and poverty. Our results suggest that wealth inequality has a negative relationship with economic growth, but when we control for the fact that some billionaires acquired wealth through political connections, the relationship between politically connected wealth inequality and economic growth is negative, while politically unconnected wealth inequality, income inequality, and initial poverty have no significant relationship.
Celá vědecká studie je přístupná na stránkách odborného časopisu Journal of Comparative Economisc http://www.sciencedirect.com/science/article/pii/S0147596715000505 .