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Asset Poverty in The United States: Its Persistence in an Expansionary Economy

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  • Asena Caner
  • Edward N. Wolff

Abstract

From this paper's Preface, by Dr. Dimitri B. Papadimitriou, President: Economic growth and a rising stock market in the 1990s gave the impression that everyone was accumulating wealth and asset poverty rates were declining. The impression was supported by the official, income-based poverty measure, which exhibited a sharp decline. According to Senior Scholar Edward N. Wolff and Research Scholar Asena Caner, poverty measures should include wealth as well as income. Their study of asset poverty in the United States between 1984 and 1999 focuses on the lower end of the wealth distribution and shows that asset poverty rates did not decline during the period studied, and that the severity of poverty increased. It also shows that asset poverty is much more persistent than income poverty.

Suggested Citation

  • Asena Caner & Edward N. Wolff, "undated". "Asset Poverty in The United States: Its Persistence in an Expansionary Economy," Economics Public Policy Brief Archive ppb_76, Levy Economics Institute.
    • Handle: RePEc:lev:levppb:ppb_76
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    References listed on IDEAS

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    1. Foster, James & Greer, Joel & Thorbecke, Erik, 1984. "A Class of Decomposable Poverty Measures," Econometrica, Econometric Society, vol. 52(3), pages 761-766, May.
    2. repec:bla:revinw:v:35:y:1989:i:3:p:225-43 is not listed on IDEAS
    3. Asena Caner & Ed Wolff, 2002. "Asset Poverty in the United States, 1984-1999: Evidence from the Panel Study of Income Dynamics," Microeconomics 0209002, University Library of Munich, Germany.
    4. Edward N. Wolff, "undated". "Racial Wealth Disparities Is the Gap Closing?," Economics Public Policy Brief Archive ppb_66, Levy Economics Institute.
    5. repec:bla:revinw:v:36:y:1990:i:3:p:227-47 is not listed on IDEAS
    6. Richard B. Freeman, 2001. "The Rising Tide Lifts...?," NBER Working Papers 8155, National Bureau of Economic Research, Inc.
    7. Melvin L. Oliver & Thomas M. Shapiro, 1990. "Wealth of a Nation," American Journal of Economics and Sociology, Wiley Blackwell, vol. 49(2), pages 129-151, April.
    8. Patricia Ruggles & Roberton Williams, 1989. "Longitudinal Measures Of Poverty: Accounting For Income And Assets Over Time," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 35(3), pages 225-243, September.
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    Cited by:

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    3. Buffie, Edward F., 2013. "The Taylor principle fights back, Part I," Journal of Economic Dynamics and Control, Elsevier, vol. 37(12), pages 2771-2795.
    4. Han, Chang-Keun & Sherraden, Michael, 2009. "Do institutions really matter for saving among low-income households? A comparative approach," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(3), pages 475-483, June.
    5. Wenhua Di & Tammy Leonard, 2012. "Reentering asset poverty after an exit: evidence from the PSID," Working Papers 1204, Federal Reserve Bank of Dallas.
    6. Tammy Leonard & Wenhua Di, 2014. "Is Household Wealth Sustainable? An Examination of Asset Poverty Reentry After an Exit," Journal of Family and Economic Issues, Springer, vol. 35(2), pages 131-144, June.
    7. Chang-Keun Han & Michael Sherraden, 2009. "Attitudes and Saving in Individual Development Accounts: Latent Class Analysis," Journal of Family and Economic Issues, Springer, vol. 30(3), pages 226-236, September.
    8. Gary Dymski, 2009. "Financing Community Development in the US: A Comparison of “War on Poverty” and 1990s-Era Policy Approaches," The Review of Black Political Economy, Springer;National Economic Association, vol. 36(3), pages 245-273, December.
    9. Todorova, Zdravka, 2013. "Consumption as a Social Process within Social Provisioning and Capitalism: Implications for Heterodox Economics," MPRA Paper 51516, University Library of Munich, Germany.
    10. Pankaj Agrrawal & Doug Waggle & Daniel H Sandweiss, 2017. "Suicides as a response to adverse market sentiment (1980-2016)," PLOS ONE, Public Library of Science, vol. 12(11), pages 1-10, November.
    11. Lori Martin, 2011. "Debt to Society: Asset Poverty and Prisoner Reentry," The Review of Black Political Economy, Springer;National Economic Association, vol. 38(2), pages 131-143, June.

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