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Author: Mr.Jonathan David Ostry
Publisher: International Monetary Fund
ISBN: 1484397657
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
The Fund has recognized in recent years that one cannot separate issues of economic growth and stability on one hand and equality on the other. Indeed, there is a strong case for considering inequality and an inability to sustain economic growth as two sides of the same coin. Central to the Fund’s mandate is providing advice that will enable members’ economies to grow on a sustained basis. But the Fund has rightly been cautious about recommending the use of redistributive policies given that such policies may themselves undercut economic efficiency and the prospects for sustained growth (the so-called “leaky bucket” hypothesis written about by the famous Yale economist Arthur Okun in the 1970s). This SDN follows up the previous SDN on inequality and growth by focusing on the role of redistribution. It finds that, from the perspective of the best available macroeconomic data, there is not a lot of evidence that redistribution has in fact undercut economic growth (except in extreme cases). One should be careful not to assume therefore—as Okun and others have—that there is a big tradeoff between redistribution and growth. The best available macroeconomic data do not support such a conclusion.
Author: Mr.Jonathan David Ostry
Publisher: International Monetary Fund
ISBN: 1484397657
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
The Fund has recognized in recent years that one cannot separate issues of economic growth and stability on one hand and equality on the other. Indeed, there is a strong case for considering inequality and an inability to sustain economic growth as two sides of the same coin. Central to the Fund’s mandate is providing advice that will enable members’ economies to grow on a sustained basis. But the Fund has rightly been cautious about recommending the use of redistributive policies given that such policies may themselves undercut economic efficiency and the prospects for sustained growth (the so-called “leaky bucket” hypothesis written about by the famous Yale economist Arthur Okun in the 1970s). This SDN follows up the previous SDN on inequality and growth by focusing on the role of redistribution. It finds that, from the perspective of the best available macroeconomic data, there is not a lot of evidence that redistribution has in fact undercut economic growth (except in extreme cases). One should be careful not to assume therefore—as Okun and others have—that there is a big tradeoff between redistribution and growth. The best available macroeconomic data do not support such a conclusion.
Author: Lance Taylor
Publisher: MIT Press
ISBN: 9780262700450
Category : Business & Economics
Languages : en
Pages : 316
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Book Description
Structuralist macroeconomics has emerged recently as the only viable theoretical alternative for economists and practitioners in developing countries. Lance Taylor's innovative work represents a landmark in this field. It codifies a new generation of structuralist macroeconomic models that incorporate the economic power relationships of key institutions and groups, integrates both finance and real macroeconomics, and covers a diverse range of experience in the developing world over the past three decades. In an introduction Taylor explains his methodology, describes assumptions underlying the models used, and reviews theories that relate economic growth and the role of financial assets. He then takes up basic structuralist models of a closed economy and moves on to consider the open economy cases. He incorporates the latest developments in the field (inflation, financial crisis, exchange rate management, increasing returns, and the like) in a treatment that departs substantially from economic orthodoxy. Taylor first addresses the question of how to specify "closure" or define the causal structure of macro models. He also considers how income redistribution influences growth and output and how income redistribution interacts with inflation. Next, an investment-driven non-full employment growth model draws on ideas introduced earlier to illustrate how different sorts of macroeconomic policies affect short-run adjustment and growth prospects over time. Taylor then turns to the problems proposed by economic openness in a stylized semi-industrialized country, starting with international trade. A fix-price/flex-price model is developed, and additional models demonstrate cases of policy relevance as well as interactions between class conflict and growth.
Author: Ms.Era Dabla-Norris
Publisher: International Monetary Fund
ISBN: 1513547437
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.
Author: Theo S. Eicher
Publisher: MIT Press
ISBN: 0262050692
Category : Economic development
Languages : en
Pages : 343
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Book Description
Essays exploring the relationship between economic growth and inequality and the implications for policy makers.
Author: Mr.David Coady
Publisher: International Monetary Fund
ISBN: 1484398084
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
Fiscal policy is a key tool for achieving distributional objectives in advanced economies. This paper embeds the discussion of fiscal redistribution within the standard social welfare framework, which lends itself to a transparent and practical evaluation of the extent and determinants of fiscal redistribution. Differences in fiscal redistribution are decomposed into differences in the magnitude of transfers (fiscal effort) and in the progressivity of transfers (fiscal progressivity). Fiscal progressivity is further decomposed into differences in the distribution of transfers across income groups (targeting performance) and in the social welfare returns to targeting due to varying initial levels of income inequality (targeting returns). This decomposition provides a clear distinction between the concepts of progressivity and targeting, and clarifies the relationship between them. For illustrative purposes, the framework is applied to data for 28 EU countries to determine the factors explaining differences in their fiscal redistribution and to discuss patterns in fiscal redistribution highlighted in the literature.
Author: Nanak Kakwani
Publisher: New York : Published for the World Bank [by] Oxford University Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 436
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Book Description
Deals with income distribution methods and their economic applications.
Author: Mr.Shekhar Aiyar
Publisher: International Monetary Fund
ISBN: 1484396987
Category : Business & Economics
Languages : en
Pages : 23
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Book Description
We posit that the relationship between income inequality and economic growth is mediated by the level of equality of opportunity, which we identify with intergenerational mobility. In economies characterized by intergenerational rigidities, an increase in income inequality has persistent effects—for example by hindering human capital accumulation— thereby retarding future growth disproportionately. We use several recently developed internationally comparable measures of intergenerational mobility to confirm that the negative impact of income inequality on growth is higher the lower is intergenerational mobility. Our results suggest that omitting intergenerational mobility leads to misspecification, shedding light on why the empirical literature on income inequality and growth has been so inconclusive.
Author: Mr.David Coady
Publisher: International Monetary Fund
ISBN: 1513547046
Category : Business & Economics
Languages : en
Pages : 27
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Book Description
There is a growing debate on the relative merits of universal and targeted social assistance transfers in achieving income redistribution objectives. While the benefits of targeting are clear, i.e., a larger poverty impact for a given transfer budget or lower fiscal cost for a given poverty impact, in practice targeting also comes with various costs, including incentive, administrative, social and political costs. The appropriate balance between targeted and universal transfers will therefore depend on how countries decide to trade-off these costs and benefits as well as on the potential for redistribution through taxes. This paper discusses the trade-offs that arise in different country contexts and the potential for strengthening fiscal redistribution in advanced and developing countries, including through expanding transfer coverage and progressive tax financing.
Author: Carles Boix
Publisher: Cambridge University Press
ISBN: 9780521532679
Category : Business & Economics
Languages : en
Pages : 284
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Book Description
Employing analytical tools borrowed from game theory, Carles Boix offers a complete theory of political transitions, in which political regimes ultimately hinge on the nature of economic assets, their distribution among individuals, and the balance of power among different social groups. Backed up by detailed historical work and extensive statistical analysis that goes back to the mid-nineteenth century, this book explains, among many other things, why democracy emerged in classical Athens. It also discusses the early triumph of democracy in both nineteenth-century agrarian Norway, Switzerland and northeastern America and the failure in countries with a powerful landowning class.
Author: Donald J. Harris
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
In Capital Accumulation and Income Distribution, economist Donald J. Harris offers a profound analysis of the forces shaping economic growth, capital accumulation, and income inequality within capitalist economies. Blending insights from Marxian and Keynesian economics, this pioneering work delves into the intricate relationships between investment, labor, and wealth distribution, highlighting the structural contradictions inherent in capitalist systems. Harris examines the driving factors behind capital accumulation and their implications for economic development, while providing a critical view of how profits, wages, and rents are distributed across social classes. Through a synthesis of classical economic theories, he explores the long-term dynamics of inequality and the cyclical patterns of capitalist economies. Ideal for scholars, students, and anyone interested in political economy, Capital Accumulation and Income Distribution offers a groundbreaking perspective on the economic challenges and imbalances that continue to shape our world today.
