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Innovation and top income inequality


Aghion, Philippe; Akcigit, Ufuk; Bergeaud, Antonin; Blundell, Richard; Hémous, David (2019). Innovation and top income inequality. Review of Economic Studies, 86(1):1-45.

Abstract

In this article, we use cross-state panel and cross-U.S. commuting-zone data to look at the relationship between innovation, top income inequality and social mobility. We find positive correlations between measures of innovation and top income inequality. We also show that the correlations between innovation and broad measures of inequality are not significant. Next, using instrumental variable analysis, we argue that these correlations at least partly reflect a causality from innovation to top income shares. Finally, we show that innovation, particularly by new entrants, is positively associated with social mobility, but less so in local areas with more intense lobbying activities.

Abstract

In this article, we use cross-state panel and cross-U.S. commuting-zone data to look at the relationship between innovation, top income inequality and social mobility. We find positive correlations between measures of innovation and top income inequality. We also show that the correlations between innovation and broad measures of inequality are not significant. Next, using instrumental variable analysis, we argue that these correlations at least partly reflect a causality from innovation to top income shares. Finally, we show that innovation, particularly by new entrants, is positively associated with social mobility, but less so in local areas with more intense lobbying activities.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Uncontrolled Keywords:Top income, inequality, innovation, patenting, citations, social mobility, incumbents, entrant
Language:English
Date:1 January 2019
Deposited On:05 Feb 2019 10:29
Last Modified:25 Sep 2019 00:21
Publisher:Oxford University Press
ISSN:0034-6527
OA Status:Green
Publisher DOI:https://doi.org/10.1093/restud/rdy027
Official URL:https://academic.oup.com/restud/article/86/1/1/5026613?searchresult=1

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