How Much Income Inequality Is Too Much?

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Tác giả: Jean-Philippe Bouchaud

Ngôn ngữ: eng

Ký hiệu phân loại: 339.22 Distribution of aggregate personal income and wealth

Thông tin xuất bản: 2020

Mô tả vật lý:

Bộ sưu tập: Metadata

ID: 164269

Comment: Working paper, 11 pagesWe propose a highly schematic economic model in which, in some cases, wage inequalities lead to higher overall social welfare. This is due to the fact that high earners can consume low productivity, non essential products, which allows everybody to remain employed even when the productivity of essential goods is high and producing them does not require everybody to work. We derive a relation between heterogeneities in technologies and the minimum Gini coefficient required to maximize global welfare. Stronger inequalities appear to be economically unjustified. Our model may shed light on the role of non-essential goods in the economy, a topical issue when thinking about the post-Covid-19 world.
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