Where Does Wealth Come From? Measuring Lifetime Resources in Norway-Reference-Cited by-同舟云学术

Where Does Wealth Come From? Measuring Lifetime Resources in Norway

Published:2023-11-01 Issue:4 Volume:37 Page:115-136
ISSN:0895-3309
Container-title:Journal of Economic Perspectives
language:en
Short-container-title:Journal of Economic Perspectives

Author:

Black Sandra E.¹,Devereux Paul J.²,Landaud Fanny³,Salvanes Kjell G.⁴

Affiliation:

1. Sandra E. Black is Professor of Economics and International and Public Affairs at Columbia University, New York City, New York. She is also an Affiliated Professor, Norwegian School of Economics, Bergen, Norway; Research Fellow, IZA (Institute of Labor Economics), Berlin, Germany; and Research Associate, National Bureau of Economic Research, Cambridge, Massachusetts.

2. Paul J. Devereux is Professor of Economics at University College Dublin, Dublin, Ireland, NHH, IZA, and CEPR. He is also an Affiliated Professor, Norwegian School of Economics, Bergen, Norway; Research Fellow, IZA (Institute of Labor Economics), Berlin, Germany; and Fellow, Centre for Economic Policy Research, London, United Kingdom.

3. Fanny Landaud is a CNRS (Centre national de la recherche scientifique) Researcher at THEMA (Théorie Économique, Modélisation, et Applications), CY Cergy Paris University, Cergy-Pontoise, France.

4. Kjell G. Salvanes is Professor of Economics, Norwegian School of Economics, Bergen, Norway. He is also Research Associate, IZA (Institute of Labor Economics), Berlin, Germany; Research Associate, Center for Economic Policy Research, London, United Kingdom; and Research Associate, Center for the Economics of Human Development, University of Chicago, Chicago, Illinois.

Abstract

In this paper, we use comprehensive administrative data on the population of Norway to create a measure of lifetime resources, which generates several stylized facts. First, lifetime resources are highly correlated with net wealth, but net wealth is more unequally distributed. Second, labor income is the most important component of lifetime resources, except among the top 1 percent where capital income and capital gains on financial assets become important. Lastly, lifetime resources are a better predictor of child human capital outcomes than net wealth, suggesting that, in some cases, inequality in lifetime resources may be more relevant than inequality in wealth.

Publisher

American Economic Association

Subject

Economics and Econometrics,Economics and Econometrics

Link

https://pubs.aeaweb.org/doi/pdf/10.1257/jep.37.4.115

Reference29 articles.

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4. Inheritance." NBER Working Paper 29693. Black, Sandra E., Paul J. Devereux, Fanny Landaud, and Kjell G. Salvanes. 2023. "Replication data for:

5. https://doi.org/10.3886/E193581V1. Black, Sandra E., Paul J. Devereux, Petter Lundborg, and Kaveh Majlesi. 2020. "Poor Little Rich Kids?

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