Wealth Concentration in a Developing Economy: Paris and France, 1807–1994
نویسنده
چکیده
Using large samples of estate tax returns, we construct new series on wealth concentration in Paris and France from 1807 to 1994. Inequality increased until 1914 because industrial and financial estates grew dramatically. Then, adverse shocks, rather than a Kuznets-type process, led to a massive decline in inequality. The very high wealth concentration prior to 1914 benefited retired individuals living off capital income (rentiers) rather than entrepreneurs. The very rich were in their seventies and eighties, whereas they had been in their fifties a half century earlier and would be so again after World War II. Our results shed new light on ongoing debates about wealth inequality and growth. (JEL H20, J14, N20)
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* Laboratoire de Recherche en Informatique, bât. 490, Université de Paris-Sud, F-91405, Orsay, (France). ** SLIGOS, CSIA, Tour Anjou, 33 quai de Dion Bouton, F92814 Puteaux cedex (France) ° LAFORIA-IBP, Université Paris 6, 4 place Jussieu, F-75232 Paris cedex 05, (France). # Department of Data Analysis, Institute of Mathematics & Informatics, Akademijos 4, Vilnius 2600, (Lithuania).
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