wow-inequalities/02-data/intermediate/wos_sample/bee93e82daed84a4f9afae204226df33-osberg-lars/info.yaml

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2023-09-28 14:46:10 +00:00
abstract: 'Increasing inequality cannot be a long-run steady state i.e. a trend
that can continue indefinitely. Because the bottom 99\% and top 1\% in
the U.S. and Canada have had very different rates of growth of market
income since the 1980s, consumption and savings flows have necessarily
changed. If aggregate expenditure is to equal aggregate income, the
added savings of the increasingly affluent must be loaned to balance
total current expenditure but increasing indebtedness implies financial
fragility, periodic financial crises, greater volatility of aggregate
income and, as governments respond to mass unemployment with
counter-cyclical fiscal policies, a compounding instability of public
finances. In Canada and the United States, increasing economic
instability is thus an implication of increasing inequality. Either an
acceleration of the income growth rate of the bottom 99\%, or a decline
in income growth of the top 1\%, could equalize income growth rates, and
thereby stabilize market income shares and macro-economic flows.
However, there is no evidence that purely economic forces will produce
either outcome anytime soon in Canada or the U.S. any return to
stability depends on political economy.
The establishment of social transfer programs, rural out-migration,
expansion of school enrolment, increased female employment and declining
birth rates are large ``one-time{''''} social changes with big income
impacts for working families. In Canada and the U.S. such trends helped
stabilize inequality from 1940 to 1975, while in Mexico they have
reduced inequality (albeit from a high level) in recent years. (C) 2013
Elsevier B.V. All rights reserved.'
affiliation: 'Osberg, L (Corresponding Author), Dalhousie Univ, 6214 Univ Ave,POB
15000, Halifax, NS B3H 4R2, Canada.
Dalhousie Univ, Halifax, NS B3H 4R2, Canada.'
author: Osberg, Lars
author-email: lars.osberg@dal.ca
author_list:
- family: Osberg
given: Lars
da: '2023-09-28'
doi: 10.1016/j.econmod.2013.06.039
eissn: 1873-6122
files: []
issn: 0264-9993
journal: ECONOMIC MODELLING
keywords: 'Economic inequality; Unbalanced growth; Economic instability; Financial
fragility; Structural change'
keywords-plus: INCOME INEQUALITY; UNITED-STATES; CANADA; EARNINGS
language: English
month: SEP
number-of-cited-references: '70'
orcid-numbers: Osberg, Lars/0000-0001-9643-9269
pages: 918-930
papis_id: e5664236f69a5f59327188c01f20d668
ref: Osberg2013instabilityimplicati
times-cited: '4'
title: 'Instability implications of increasing inequality: Evidence from North America'
2023-10-01 08:15:07 +00:00
type: article
2023-09-28 14:46:10 +00:00
unique-id: WOS:000329532100109
usage-count-last-180-days: '0'
usage-count-since-2013: '21'
volume: '35'
web-of-science-categories: Economics
year: '2013'