Abbott, Brant; Gallipoli, Giovanni - In: Quantitative Economics 13 (2022) 3, pp. 1023-1060
net worth overstate welfare inequality. This is largely due to the unaccounted value of future earnings, which we call … human wealth. The latter mitigates permanent-income inequality, though its influence is diminished by the growing importance … of assets in lifetime wealth. Average expenditures and CE inequality roughly doubled between 1983 and 2016 and, to weigh …