The Preference for Wealth and Inequality : Towards a Piketty Theory of Wealth Inequality

Material type: 文書・図像類

Author: Michau, Jean-Baptisteほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2023-11

Material Format: Paper

Capacity, size, etc.: -

NDC: -

View All

Notes on use

Note (General)：: What are the consequences of the preference for wealth for the accumulation of capital and for the dynamics of wealth inequality? Assuming that wealth...

Search by Bookstore

Holdings of Libraries in Japan

This page shows libraries in Japan other than the National Diet Library that hold the material.

List of Cooperating Institutions and Databases

Please contact your local library for information on how to use materials or whether it is possible to request materials from the holding libraries.

other

OUKA (Osaka University Knowledge Archive)
Paper
You can check the holdings of institutions and databases with which Institutional Repositories DataBase(IRDB)(Institutional Repository) is linked at the site of Institutional Repositories DataBase(IRDB)(Institutional Repository).
OUKA (Osaka University Knowledge Archive)

Search by Bookstore

Bibliographic Record

You can check the details of this material, its authority (keywords that refer to materials on the same subject, author's name, etc.), etc.

Paper

Material Type: 文書・図像類
Title: The Preference for Wealth and Inequality : Towards a Piketty Theory of Wealth Inequality
Author/Editor: Michau, Jean-Baptiste
Ono, Yoshiyasu
Schlegl, Matthias
Author Heading: Michau, Jean-Baptiste
Ono, Yoshiyasu
https://nrid.nii.ac.jp/nrid/1000070130763
Schlegl, Matthias
https://nrid.nii.ac.jp/nrid/1000050844982
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2023-11
Publication Date (W3CDTF): 2023-11
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1223
Volume: 1223
Pages: 1-65
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: Capital accumulation
Progressive wealth tax
Wealth inequality
Wealth preference
Target Audience: 一般
Note (General): What are the consequences of the preference for wealth for the accumulation of capital and for the dynamics of wealth inequality? Assuming that wealth per se is a luxury good, inequality tends to rise whenever the interest rate is larger than the economic growth rate. This induces the economy to converge towards an equilibrium with extreme wealth inequality, where the capital stock is equal to the golden rule level. Far from immiseration, this equilibrium results in high wages and in the golden rule level consumption for ordinary households. We then introduce shocks to the preference for wealth and show that progressive wealth taxation prevents wealth from being held by people with high saving rates. This permanently reduces the capital stock, which is detrimental to the welfare of future generation of workers. This also raises the interest rate, to the benefit of the property-owning upper-middle class. By contrast, a progressive consumption tax successfully and persistently redistributes welfare from the very rich to the poor.
References (URI): URI
https://www.iser.osaka-u.ac.jp/library/dp/2023/DP1223.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華