#qje

[oupacademic]

“Since the 1972 U.S. Clean Water Act, government and industry have invested over $1 trillion to abate water pollution, or $100 per person-year. Over half of U.S. stream and river miles, however, still violate pollution standards. Despite the potential to address this market failure, the Clean Water Act has been one of the most controversial regulations in U.S. history…it is unclear whether the Clean Water Act has been effective or whether water pollution has decreased at all.” – From The Quarterly Journal of Economics: Consequences of the Clean Water Act and the Demand for Water Quality

Image provided by Unsplash

[oupacademic]

The Quarterly Journal of Economics’ latest virtual issue features 12 articles highlighting recent research on gender and inequality in society, the workplace, the home and more.

Discover how gender influences competitiveness and career choices, how household income affects intergenerational mobility, and how race, gender, and parents’ socioeconomic class can alter children’s chances of becoming inventors. This collection of free content is available until June 2019.

Image provided by Pixabay

[economicreading-blog]

This article attempts to document and account for the long-run evolution of inheritance. We find that in a country like France the annual flow of inheritance was about 20–25% of national income between 1820 and 1910, down to less than 5% in 1950, and back up to about 15% by 2010. A simple theoretical model of wealth accumulation, growth, and inheritance can fully account for the observed U-shaped pattern and levels. Using this model, we find that under plausible assumptions the annual bequest flow might reach about 20–25% of national income by 2050. This corresponds to a capitalized bequest share in total wealth accumulation well above 100%. Our findings illustrate the fact that when the growth rate g is small, and when the rate of return to private wealth r is permanently and substantially larger than the growth rate (say, r = 4–5% versus g = 1–2%), which was the case in the nineteenth century and early twentieth century and is likely to happen again in the twenty-first century, then past wealth and inheritance are bound to play a key role for aggregate wealth accumulation and the structure of lifetime inequality. Contrary to a widespread view, modern economic growth did not kill inheritance.

[bestgadgetsus]

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