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Growth, income and wealth accumulation in rich countries

Author

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  • Marc Morgan

    (Department of History, Economics and Society / University of Geneva)

Abstract

This paper discusses estimates of the distribution of national income and wealth produced by the World Inequality Lab in its World Inequality Report 2022. The methodology combines all existing microeconomic data on incomes (surveys, tax data) with macroeconomic data (the system of national accounts). While growth has slowed in rich countries, private wealth accumulation has continued to accelerate and public wealth continued to decline in an era of rising asset prices. The importance of «pre-distributive» policies for income inequality, and «popular wealth» for wealth inequality is emphasised, as well as the differing effects of the financial and Covid crises. In an age of big data it is time for countries to reconcile sources to provide official distributional estimates consistent with macroeconomic growth.

Suggested Citation

  • Marc Morgan, 2022. "Growth, income and wealth accumulation in rich countries," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 101(01), pages 200-221.
    • Handle: RePEc:ekz:ekonoz:2022109
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    More about this item

    Keywords

    economic growth; income inequality; wealth accumulation; wealth inequality;
    All these keywords.

    JEL classification:

    • D30 - Microeconomics - - Distribution - - - General
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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