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Economic growth, wealth, and well-being: Is there an intergenerational divide?

Author

Listed:
  • Miguel Artola Blanco

    (Facultad de Ciencias Sociales y Jurídicas / Universidad Carlos III de Madrid)

Abstract

This paper reviews the main mechanisms that explain the growing divergence in economic well-being between age groups. The changing patterns in the labour market are well documented and consistently show that young workers have been negatively impacted by the reductions in relative skill premiums, the rise of new forms of contracting (part-time and freelance), and the growing weight of unemployment. Wealth inequalities are also rising, not only for the most obvious transmission channel (savings) but also because capital gains have disproportionately benefited the elderly. We conclude by reviewing possible futures paths and the effects of wealth transfers.

Suggested Citation

  • Miguel Artola Blanco, 2022. "Economic growth, wealth, and well-being: Is there an intergenerational divide?," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 101(01), pages 222-237.
    • Handle: RePEc:ekz:ekonoz:2022110
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    More about this item

    Keywords

    income and wealth inequality; living standards; life cycle models and saving;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • J12 - Labor and Demographic Economics - - Demographic Economics - - - Marriage; Marital Dissolution; Family Structure

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