The Adverse Economic Consequences of Extremely High Capital-Wealth Inequality

摘要: "Rising inequality" has become a major topic of discussion in the economics literature over last few years.' Although primary focus this is on evidence increasing inequality distribution labor income, there often subsidiary high level capital wealth distribution. Edward N. Wolff (1987, 1989, 1992, 1994), basis careful analysis microdata provided by various Federal Reserve Board surveys and finds significant increases with respect to both total financial United States since early 1960s. In response trend, proposals for taxation and/or inheritances are being more widely discussed: Burbridge (1991), Carroll (1989, 1991), Cremer Pestieau (1988), Dovring Dugger (1990), Inhaber Kiesling (1992), Piggott (1989), Toshiyuki (1995). Among contemporary economists, it accepted proposition that extremely unequal other industrialized nations constitutes socioeconomic liability and, some extent, progressive income (albeit "distortionary") justified as offsetting liability. But wide spectrum opinion regarding seriousness ofthe degree which should be applied corrective device. The "equity-efficiency tradeoff' deeply instilled