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Rising inequality: a benign outgrowth of markets or a symptom of cancerous political favours?

Frijters, Paul and Foster, Gigi (2015) Rising inequality: a benign outgrowth of markets or a symptom of cancerous political favours? Australian Economic Review, 48 (1). pp. 67-75. ISSN 0004-9018

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Identification Number: 10.1111/1467-8462.12096

Abstract

Is the rise in inequality in Australia due to global changes in the distribution of marginal productivity or changes in the allocation of political favours? This article lays out the arguments for both views. Looking at the tax and subsidy changes that favour the rich, and considering that almost all the 200 richest Australians look like the beneficiaries of political favours rather than innovators or superstars, the article concludes that inequality is probably increasing due to changes in the political realm. The discussion outlines a research agenda and possible counter-moves, such as more direct democracy and having open markets for political favours.

Item Type: Article
Official URL: http://onlinelibrary.wiley.com/journal/10.1111/(IS...
Additional Information: © 2015 The University of Melbourne, Melbourne Institute of Applied Economic and Social Research
Divisions: Centre for Economic Performance
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HN Social history and conditions. Social problems. Social reform
Sets: Research centres and groups > Centre for Economic Performance (CEP)
Date Deposited: 07 Feb 2018 15:24
Last Modified: 20 Feb 2019 11:32
URI: http://eprints.lse.ac.uk/id/eprint/86673

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