The Resource Fairness and redistribution : U.S. versus Europe, Alberto Alesina [and] George-Marios Angeletos., (electronic resource)

Fairness and redistribution : U.S. versus Europe, Alberto Alesina [and] George-Marios Angeletos., (electronic resource)

Label
Fairness and redistribution : U.S. versus Europe
Title
Fairness and redistribution
Title remainder
U.S. versus Europe
Statement of responsibility
Alberto Alesina [and] George-Marios Angeletos.
Creator
Contributor
Provider
Language
eng
Summary
Different beliefs about how fair social competition is and what determines income inequality, influence the redistributive policy chosen democratically in a society. But the composition of income in the first place depends on equilibrium tax policies. If a society believes that individual effort determines income, and that all have a right to enjoy the fruits of their effort, it will choose low redistribution and low taxes. In equilibrium, effort will be high, the role of luck limited, market outcomes will be quite fair, and social beliefs will be self-fulfilled. If instead a society believes that luck, birth, connections and/or corruption determine wealth, it will tax a lot, thus distorting allocations and making these beliefs self-sustained as well. We show how this interaction between social beliefs and welfare policies may lead to multiple equilibria or multiple steady states. We argue that this model can contribute to explain US vis-a-vis continental European perceptions about income inequality and choices of redistributive policies. Keywords: Inequality, Redistribution, Fairness, Political Economy, Median Vote. JEL Classification: D7, E6, H1
Member of
Additional physical form
Abstract in HTML and working paper for download in PDF available via World Wide Web at the Social Science Research Network.
Cataloging source
MYG
http://library.link/vocab/creatorName
Alesina, Alberto
Illustrations
illustrations
Index
no index present
Literary form
non fiction
Nature of contents
  • bibliography
  • technical reports
http://library.link/vocab/relatedWorkOrContributorName
  • Angeletos, Marios
  • Massachusetts Institute of Technology
  • Internet Archive
Series statement
Working paper series / Massachusetts Institute of Technology, Dept. of Economics
Series volume
working paper 02-37
Label
Fairness and redistribution : U.S. versus Europe, Alberto Alesina [and] George-Marios Angeletos., (electronic resource)
Instantiates
Publication
Note
"First draft: October 2002. Revised: January 2003."
Bibliography note
Includes bibliographical references (p. 39-42)
Dimensions
28 cm.
Edition
Rev.
Extent
42, [8] p.
Other physical details
ill.
Specific material designation
remote
System control number
  • (OCoLC)51798345
  • (CaSfIA)fairnessredistri00ales
  • (CaSfIA)001138469
Label
Fairness and redistribution : U.S. versus Europe, Alberto Alesina [and] George-Marios Angeletos., (electronic resource)
Publication
Note
"First draft: October 2002. Revised: January 2003."
Bibliography note
Includes bibliographical references (p. 39-42)
Dimensions
28 cm.
Edition
Rev.
Extent
42, [8] p.
Other physical details
ill.
Specific material designation
remote
System control number
  • (OCoLC)51798345
  • (CaSfIA)fairnessredistri00ales
  • (CaSfIA)001138469

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