Innovation and Top Income Inequality

• 成果类型: Article
• 署名作者: Aghion, Philippe; Akcigit, Ufuk; Bergeaud, Antonin; Blundell, Richard; Hemous, David
• 署名单位: Universite PSL; College de France; University of London; London School Economics & Political Science; University of Chicago; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; European Central Bank; Bank of France; University of London; University College London; University of London; London School Economics & Political Science; University of Zurich
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdy027
• 发表日期: 2019
• 页码: 1-45
• 关键词: research-and-development; technical change; UNITED-STATES; market value; ceo pay; GROWTH; panel; TECHNOLOGY; returns; decline

摘要

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.