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date: 24 May 2022

Abstract and Keywords

This article surveys the distribution of wealth and its relationship to economic inequality more broadly. It shows that wealth inequality is high and contributes significantly to inequality in income and consumption, although higher wealth inequality is not always an indicator of greater inequality in well-being. In particular, welfare state policies can improve the well-being of low income groups while at the same time reducing their incentive to save. This may lead to high observed wealth inequality in places where it would otherwise not be expected, such as some of the Scandinavian countries. More research is needed to better illuminate such connections between public policy and wealth inequality.

Keywords: income inequality, consumption inequality, welfare states, low income groups, Scandinavia, public policy

James B. Davies

James Davies is a Professor of Economics at the University of Western Ontario, where he served as Chair of his department from 1992 to 2001. Currently the Editor of Canadian Public Policy, he has published and consulted widely on issues of both taxation and the distribution of income and wealth.

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