Aspects of Distribution of Wealth and Income
In the 1980s, a decade of economic expansion, the rich grew richer but the poor poorer. These essays explore the disparities in wealth and income comparing the fortunes of American households with those in other industrialized nations. Demographic and str
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THE JEROME LEVY ECONOMICS INSTITUTE SERIES General Editor: Dimitri B. Papadimitriou, Levy Institute Professor of Economics, Bard College, Annandale-on-Hudson, New York
Geoffrey Harcourt, Alessandro Roncaglia and Robin Rowley (editors) INCOME AND EMPLOYMENT IN THEORY AND PRACTICE Dimitri B. Papadimitriou (editor) ASPECTS OF DISTRIBUTION OF WEALTH AND INCOME Dimitri B. Papadimitriou and Edward N. Wolff (editors) POVERTY AND PROSPERITY IN THE USA IN THE LATE TWENTIETH CENTURY
Aspects of Distribution of Wealth and Income Edited by
Dimitri B. Papadimitriou Institute Professor ofEconomics Bard College, Annandale-oil-Hudson, Nell' York
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© Dimitri B. Pap adimitriou 1994 Softcove r reprint of the hardcover Ist edition 1994 All rights reserved. No reproduction. copy or transmission of this publi cation may be madc with out written permission . No paragraph of this publicati on may be reproduced. copied or transmitted save with written permission or in accordance with the prov ision s of the Copyright, Designs and Patents Act 1988. or under the terms of any licence permitting limited cupying issued by the Copyright Licensing Agency, 90 Tottenham Court Road. London WIP 9HE . Any person who does any unauthorised act in relation to this publ icat ion may be liable to criminal prosecution and civil claims for damages. First published in Great Britain 1994 by
MACMILLAN PRESS LTD Houndrnills, Basingstokc, Hamp shire RG21 6XS and London Co mpanies and representatives throughout the world A catalogue record for this book is available from the British Library. ISB N 978-1-349-23431-8 ISBN 978-1-349-23429-5 (eBook) DOI 10.1007/978-1-349-23429-5 7/978-1-349-23429-5 Tran sferred to d igital printing 1998 02/030 Mar ch 1998
First publ ished in the United States of Amer ica 1994 by Scholarly and Reference Divis ion,
ST. MARTIN'S PRESS, INC., 175 Fiflh Avenue, New York . N.Y. 10010 ISBN 978-0- 3 12- 12 101-3 Library of Congress Cataloging-in-Publi cat ion Data Aspects of distribution of weallh and income / edit ed by Dimitri B. Pap adimitriou .
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Includes index. ISBN 978-0-312-12101 - 3 I . Incume distribution-United Slates . 2. Income distribution. 3. United States-Economic conditions.-1981- 4. Economic history - I 97 1-1990. I. Papadimitriou, Dimitri B. HCIIO.l5A78 1994 339 .2'0973-dc20 93-40402 CIP
Contents The Jerome Levy Economics Institute of Bard College
vii
Acknowledgements
viii
Notes on the Contributors
ix
Introduction Dimitri B. Papadimitriou
Part I 2
3
Income and Wealth Distribution in the United States
Factors Affecting Household Saving Behavior: An Introductory Analysis James N. Morgan and F. Thomas Juster
11
Comment Robert B. Avery
29
The Relationship between Poverty and Household Type Joan R. Rodgers
31
52
Comment Rebecca Blank
Part II 4
5
International Comparisons
International Comparisons of Earnings Inequality for Men in the 1980s Gordon W. Green, Jr, John Coder and Paul Ryscavage
57
Comment Howard M. Wachtel
76
International Comparison of Household Inequalities Based on
