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IOS Regensburg 12.–13. April 2018

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21. April 2017
Vorträge

Wealth inequality in the long run: A Schumpeterian growth perspective

Ein Vortrag von Francesco Venturini (University of Perugia) im Rahmen der Seminarreihe des AB Ökonomie am IOS.
Datum: 21.4.2017 (Freitag, Beginn 10 Uhr!)
Zeit: 10.00 Uhr
Ort: WiOS, Landshuter Str. 4 (Raum 109)

This paper studies the dynamics of wealth inequality over the long-term horizon based on a Schumpeterian version of Piketty's laws of capitalism. First, we derive the determinants of the wealth-to-income ratio by extending the quality-ladder growth model a la Grossman and Helpman (1991b) to allow for physical capital accumulation. Second, we test the predictions of the model through a long-run econometric investigation covering the period 1870-2013 for 18 OECD countries. We find that, along with investment in physical capital, wealth inequality rises with the rate of investment in R&D whenever these activities do not translate into adequate rates of innovation and in turn in faster rates of economic growth.