"Few topics are more certain to generate a lively debate among any group of individuals than the causes and consequences of income inequality. Economists are prone to similar, although more reasoned and empirically based, debates. This book is a curated collection of essays that explore a wide...

This paper studies the signalling effect of the consumption-wealth ratio (cay) on German stock returns via vector error correction models (VECMs). The effect of cay on U.S. stock returns has been recently confirmed by Lettau and Ludvigson with a two-stage method. In this paper, performances of...

Is lifetime inequality mainly due to differences across people established early in life or to differences in luck experienced over the working lifetime? We answer this question within a model that features idiosyncratic shocks to human capital, estimated directly from data, as well as...

The thirty-years war -- The puzzling politics of winner-take-all -- The winner-take-all economy -- How the winner-take-all economy was made -- A brief history of Democratic capitalism -- The rise of winner-take-all politics -- The unseen revolution of the 1970s -- The politics of organized...

Introduction: moderation in all things, even income -- Defining excess -- The magic of maximum multiples -- A society without a super rich -- Pipe dream or politically practical project? -- Evolving toward equity