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CATEGORIES:Seminar,Class/ Workshop
DESCRIPTION:Sandra Black\, Columbia University \n\nWhere Does Wealth Come F
 rom?\nSandra E. Black\, Paul J. Devereux\, Fanny Landaud & Kjell G. Salvane
 s\n\nAbstract: Much attention has been given to rising wealth inequality in
  recent decades. However\, understanding inequality requires an understandi
 ng of how wealth relates to the potential wealth an individual could accumu
 late and where this wealth comes from. Using administrative data from Norwa
 y\, we create measures of potential wealth that abstract from differential 
 consumption and spending behavior. We then examine how these measures relat
 e to observed net wealth of individuals at a point in time and the role pla
 yed by different sources of wealth in the distribution of potential wealth.
  We find that net wealth is a reasonable proxy for potential wealth\, parti
 cularly in the tails of the distribution. Importantly\, people in different
  parts of the potential wealth (or actual net wealth) distribution get thei
 r wealth from very different sources. Labor income is the most important de
 terminant of wealth\, except among the top 1%\, where capital income and ca
 pital gains on financial assets become important. Inheritances and gifts ar
 e not an important determinant of wealth\, even at the top of the wealth di
 stribution. Finally\, although inheritances are not important\, parental we
 alth does influence child’s wealth\; children of wealthy parents accumulate
  wealth from very different sources than children of less wealthy parents.
DTEND:20210422T164500Z
DTSTAMP:20260310T101712Z
DTSTART:20210422T151500Z
LOCATION:
SEQUENCE:0
SUMMARY:Joint Labor Economics\, Applied Microeconomics\,  & PAM Workshop: S
 andra Black
UID:tag:localist.com\,2008:EventInstance_35732300528231
URL:https://events.cornell.edu/event/joint_labor_economics_applied_microeco
 nomics_pam_workshop_sandra_black
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