Income Composition Inequality: From Measurement to Macroeconomics

The Institute of Economics will hold a meeting of its Seminar Series on Thursday, January 9, 2020: Marco Ranaldi, from the City University of New York, will present the paper "Income Composition Inequality: From Measurement to Macroeconomics".

Abstract:

In this presentation the author will introduce the novel concept of income composition inequality as well as a summary statistic for its measurement. The author will illustrate how the study of income composition inequality allow us for (i) novel political economy analysis of the evolution of capitalist economies and (ii) the study of the relationship between the functional and personal distribution of income. Then, several trends in income composition inequality, both at the national and global level will be presented. Finally, the author will hinge on this inequality concept to propose a novel classification of economic systems. The proposed classification can be useful in understanding a country's long-run performance in terms of capital accumulation, inequality and growth.