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Innovation and Top Income Inequality

Aghion, P; Akcigit, U; Bergeaud, A; Blundell, R; Hemous, D; (2019) Innovation and Top Income Inequality. The Review of Economic Studies , 86 (1) pp. 1-45. 10.1093/restud/rdy027. Green open access

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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.

Type: Article
Title: Innovation and Top Income Inequality
Open access status: An open access version is available from UCL Discovery
DOI: 10.1093/restud/rdy027
Publisher version: https://doi.org/10.1093/restud/rdy027
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: Top Income, Inequality, Innovation, Patenting, Citations, Social Mobility, Incumbents, Entrant
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/10069737
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