Top 0.001%, innovation, and the global warming in the United States

Abstract

Abstract The study analyzes the consequences of innovation in the US. Specifically, we study the connectedness of the top 0.001% national income inequality share (T 0,001%), innovation, and global average temperature (GAT). Contrary to assumptions, the innovations have increased social and economic income inequality and GAT. Increasing the bottom 50% of the national income share is the only stabilizer, saving the planet. We conclude that innovation apparatus policies should not be based only on conventional assumptions and reveal the mechanism of key gaps by a prudential authority. JEL classifications: O31, D63, Q54, C53, E61