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Income Inequality and Workers’ Powerlessness in Selected OECD Countries

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  • Kosta Josifidis
  • Novica Supic

Abstract

Our goal is to show the effects of “elitization” on income inequality in affluent countries over the last two decades. By applying a robust regression model on a sample of twenty-one OECD countries, we observe that a high concentration of wealth by the richest “1%” of the population results in reducing the impact of trade unions on income redistribution through political institutions. Insufficient redistribution can be interpreted not only as the elites’ control over the resources that influence public policy and opinion, but also as affecting the evolutionary path of the economy. Moreover, this influence emphasizes the importance of traditional institutions and serves as an inspiration to reconsider the established social consensus regarding the welfare state.

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  • Kosta Josifidis & Novica Supic, 2016. "Income Inequality and Workers’ Powerlessness in Selected OECD Countries," Journal of Economic Issues, Taylor & Francis Journals, vol. 50(2), pages 424-434, April.
    • Handle: RePEc:mes:jeciss:v:50:y:2016:i:2:p:424-434
    DOI: 10.1080/00213624.2016.1176499
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    Cited by:

    1. Kosta Josifidis & Novica Supić & Emilija Beker Pucar, 2017. "Institutional Quality and Income Inequality in the Advanced Countries," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 64(2), pages 169-188, March.

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