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Over the last 40 years, Italy has produced a large number of influential economists. This is somewhat surprising because economics is more likely to require technical training than other social sciences and, until the 1980s, Italy did not have any formal doctoral programme. This column examines how a large scholarship program contributed to the formation of a generation of
Paolo Acciari, Facundo Alvaredo, Salvatore Morelli 24 April 2021
Growing wealth disparities can have corrosive effects on equality of opportunity when they crystallise over time and turn into persistent disparities across generations. This column uses newly assembled data from Italian inheritance tax records to show that the wealth share of the top 1% (half a million individuals) increased from 16% in 1995 to 22% in 2016, and the share accruing to the top 0.01% (the richest 5,000 adults) almost tripled from 1.8% to 5%. In contrast, the poorest 50% saw an 80% drop in their average net wealth over the same period. The data also reveal the growing role of inheritance and gifts inter vivos as a share of national income, as well as their increasing concentration at the top.
When the consequences of conflicts last generations: Intergenerational mobility in Iraq and Vietnam
Vietnamese refugees living at the Songkhla refugee camp in Thailand. UN Photo/John Isaac.
The immediate effects of conflict are starkly clear. They include deaths and injuries, population displacement, the destruction of assets, and the disruption of social and economic systems. But one day the fighting stops, and life in conflict-affected areas gradually returns to normal. Or does it? How long do the economic and welfare effects of armed conflict typically persist? In particular, how long will these effects constrain growth and limit countries’ ability to reduce poverty?
Alan Manning, Barbara Petrongolo
The outbreak of the COVID-19 pandemic this year has led to a surge in teleworking and caused renewed interest in studying the importance of commuting patterns for geographical labour markets. Geographical labour markets are usually denoted as commuting zones, and many economic phenomena are studied at the commuting zone level. An important aspect of a commuting zones are commuting patterns, which are determined by travel costs and time for workers commuting from remote areas. However, advanced transportation technology and information communication technology (ICT) may decrease the importance of such commuting costs, and the ‘death of distance’ or the ‘persistence of distance’ has been discussed in the literature for years. To examine this, a useful definition of the geographical unit of a labour market is imperative.