SCS 3720 Lecture Notes - Redistribution Of Income And Wealth, Working Poor, Progressive Tax

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From the top 10 riches people or families, inheritance is a critical factor. None of them rose from rags to riches. Suggests a mix of family fortune, business acumen, and opportunism as key determinants of wealth. Only a few acquire the wealth of major enterprises but most own assets (for most adults assets are cars, appliances, furniture, and savings) Some wealthier families own equity in a house and more fortunate ones about to accumulate stocks and bonds. Bottom 40% of families own no assets and may owe more than they own. Wealth inequality increasing rapidly in canada (not as much as the us surpass all industrialized countries in wealth inequality) Only a modest correlation with income and wealth (some wealthy people have low annual incomes) Income redistribution has little to do w/ the distribution of wealth therefore, it may not get at the root of economic inequality. Disagreement on whether it should be defined in absolute or relative terms.

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