Edward N. Wolff's Books

A Century of Wealth in America

By: Edward N. Wolff

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A Century of Wealth in America

By: Edward N. Wolff

Understanding wealth—who has it, how they acquired it, how they preserve it—is crucial to addressing challenges facing the United States. Edward Wolff’s account of patterns in the accumulation and distribution of U.S. wealth since 1900 provides a sober bedrock of facts and analysis. It will become an indispensable resource for future public debate.

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885

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Harvard University Press

Published Date

ISBN 10

0674495144

ISBN 13

9780674495142

A Century of Wealth in America

By: Edward N. Wolff

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A Century of Wealth in America

By: Edward N. Wolff

Understanding wealth in the United States—who has it, how they acquired it, and how they preserve it—is crucial to addressing the economic and political challenges facing the nation. But until now we have had little reliable information. Edward Wolff, one of the world’s great experts on the economics of wealth, offers an authoritative account of patterns in the accumulation and distribution of wealth since 1900. A Century of Wealth in America demonstrates that the most remarkable change has been the growth of per capita household wealth, which climbed almost eightfold prior to the 2007 recession. But overlaid on this base rate are worrying trends. The share of personal wealth claimed by the richest one percent almost doubled between the mid-1970s and 2013, concurrent with a steep run-up of debt in the middle class. As the wealth of the average family dropped precipitously—by 44 percent—between 2007 and 2013, with black families hit hardest, the debt-income ratio more than doubled. The Great Recession also caused a sharp spike in asset poverty, as more and more families barely survived from one paycheck to the next. In short, the United States has changed from being one of the most economically equal of the advanced industrialized countries to being one of the most unequal. At a time of deep uncertainty about the future, A Century of Wealth in America provides a sober bedrock of facts and astute analysis. It will become one of the few indispensable resources for contemporary public debate.

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885

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Harvard University Press

Published Date

ISBN 10

0674981375

ISBN 13

9780674981379

Competitiveness, Convergence, and International Specialization

By: David Dollar,Edward N. Wolff

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Competitiveness, Convergence, and International Specialization

By: David Dollar,Edward N. Wolff

Examines the claim that deindustrialization in the US is causing a decline in its competitiveness, especially in view of competition from Germany and Japan. Discusses the relationship between productivity growth in individual industries and the tendency for aggregate productivity levels to converge among OECD countries, and identifies the sources of productivity growth. Looks at the relationship between international trade and productivity convergence in OECD countries and whether the same mechanics of convergence are apparent in developing countries.

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252

Publisher

MIT Press

Published Date

ISBN 10

0262041359

ISBN 13

9780262041355

Does Education Really Help?

Skill, Work, and Inequality

By: Edward N. Wolff

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Does Education Really Help?

Skill, Work, and Inequality

By: Edward N. Wolff

This book challenges the conventional wisdom that greater schooling and skill improvement leads to higher wages, that income inequality falls with wider access to schooling, and that the Information Technology revolution will re-ignite worker pay. Indeed, the econometric results provide no evidence that the growth of skills or educational attainment has any statistically significant relation to earnings growth or that greater equality in schooling has led to a decline in income inequality. Results also indicate that computer investment is negatively related to earnings gains and positively associated with changes in both income inequality and the dispersion of worker skills. The findings reports here have direct relevance to ongoing policy debates on educational reform in the U.S.

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321

Publisher

Oxford University Press

Published Date

ISBN 10

0195189965

ISBN 13

9780195189964

Inheriting Wealth in America

Future Boom or Bust?

By: Edward N. Wolff

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Inheriting Wealth in America

Future Boom or Bust?

By: Edward N. Wolff

Inheritances are often regarded as a societal "evil," enabling great fortunes to be passed from one generation to another, thus exacerbating wealth inequality and reducing wealth mobility. Discussions of inheritances in America bring to mind the Vanderbilts, Rockefellers, and "trust fund babies"---people who receive enough money through inheritances or gifts that they do not have any need to work during their lifetime. Though these are, of course, extreme outliers, inheritances in America have a reputation for being a way the rich keep getting richer. In Inheriting Wealth in America, Edward Wolff seeks to counter these misconceptions with data and arguments that illuminate who inherits what in the United States and what results from these wealth transfers. Using data from the Survey of Consumer Finances---a triennial survey conducted by the Federal Reserve Board that contains detailed information on household wealth, inheritances, and gifts---as well as the Panel Study of Income Dynamics and a simulation model over years 1989 to 2010, Wolff reports six major findings on the state of inheritances in America. First, wealth transfers (inheritances and gifts) accounted for less than one quarter of household wealth. However, for persons age 75 and over, the figure was about two-fifths since they have more time to receive wealth transfers. Indirect evidence, derived from the simulation model, indicates a figure closer to two-thirds at end of life - probably the best estimate. Second, despite prognostications of a coming "inheritance boom," it has not materialized yet. Only a small (and statistically insignificant) uptick in average wealth transfers was observed over the period, and wealth transfers were actually down as a share of household wealth. Third, while wealth transfers are greater in dollar amount for richer households than poorer ones, they constitute a smaller share of the accumulated wealth of the rich. Fourth, contrary to popular belief, inheritances and gifts, on net, reduce wealth inequality rather than raising it. The rationale is that inheritances and particularly gifts typically flow from richer to poorer persons, thus lowering wealth inequality. Fifth, despite a rapid rise in income inequality, the inequality of wealth transfers shows no discernible time trend from 1989 to 2010, neither upward nor downward. Sixth, among the very wealthy, the share of wealth accounted for by wealth transfers is surprisingly low, only about a sixth, and this share has trended significantly downward over time. It is true that inheritances and gifts are unequal, with only one fifth of families receiving wealth transfers and these transfers benefitting the rich far more than the middle class and the poor. That, however, is not the whole picture of inheritances in America. Clearly-written and illuminating, this books expertly distills an abundance of data on inheritances into important takeaways for all who wonder about the current state of inheritances and gifts in the United States.

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267

Publisher

Oxford University Press

Published Date

ISBN 10

0199353972

ISBN 13

9780199353972

Poverty and Power

The Problem of Structural Inequality

By: Edward Cary Royce

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Poverty and Power

The Problem of Structural Inequality

By: Edward Cary Royce

Poverty and Power suggests that today's poverty results from deep-rooted disparities in income, wealth, and power. The rate and severity of poverty remain high, because millions of Americans are trapped in low-wage jobs, inadequately served by government policy, excluded from mainstream policy debates, and vitimized by discrimination and social exculsion

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344

Publisher

Rowman & Littlefield

Published Date

ISBN 10

0742564444

ISBN 13

9780742564442

Downsizing in America

Reality, Causes, and Consequences

By: William J. Baumol,Alan S. Blinder,Edward N. Wolff

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Downsizing in America

Reality, Causes, and Consequences

By: William J. Baumol,Alan S. Blinder,Edward N. Wolff

In the 1980s and early 1990s, a substantial number of U.S. companies announced major restructuring and downsizing. But we don't know exactly what changes in the U.S. and global economy triggered this phenomenon. Little research has been done on the underlying causes of downsizing. Did companies actually reduce the size of their workforces, or did they simply change the composition of their workforces by firing some kinds of workers and hiring others? Downsizing in America, one of the most comprehensive analyses of the subject to date, confronts all these questions, exploring three main issues: the extent to which firms actually downsized, the factors that triggered changes in firm size, and the consequences of downsizing. The authors show that much of the conventional wisdom regarding the spate of downsizing in the 1980s and 1990s is inaccurate. Nearly half of the large firms that announced major layoffs subsequently increased their workforce by more than 10 percent within two or three years. The only arena in which downsizing predominated appears to be the manufacturing sector-less than 20 percent of the U.S. workforce. Downsizing in America offers a range of compelling hypotheses to account for adoption of downsizing as an accepted business practice. In the short run, many companies experiencing difficulties due to decreased sales, cash flow problems, or declining securities prices reduced their workforces temporarily, expanding them again when business conditions improved. The most significant trigger leading to long-term downsizing was the rapid change in technology. Companies rid themselves of their least skilled workers and subsequently hired employees who were better prepared to work with new technology, which in some sectors reduced the size of firm at which production is most efficient. Baumol, Blinder, and Wolff also reveal what they call the dirty little secret of downsizing: it is profitable in part because it holds down wages. Downsizing in America shows that reducing employee rolls increased profits, since downsizing firms spent less money on wages relative to output, but it did not increase productivity. Nor did unions impede downsizing. The authors show that unionized industries were actually more likely to downsize in order to eliminate expensive union labor. In sum, downsizing transferred income from labor to capital-from workers to owners

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Page Count

332

Publisher

Russell Sage Foundation

Published Date

ISBN 10

1610440315

ISBN 13

9781610440318

Productivity Convergence

By: Edward N. Wolff

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Productivity Convergence

By: Edward N. Wolff

This book critically reviews the most significant works that examine the sources of economic growth.

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537

Publisher

Cambridge University Press

Published Date

ISBN 10

0521662842

ISBN 13

9780521662840

The Transformation of the American Pension System

Was it Beneficial for Workers?

By: Edward N. Wolff

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The Transformation of the American Pension System

Was it Beneficial for Workers?

By: Edward N. Wolff

This volume focuses primarily on changes in the U.S. pension system from 1983 to 2009. However, attention is paid to the entire retirement system, including the role of Social Security.

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350

Publisher

W.E. Upjohn Institute

Published Date

ISBN 10

0880993790

ISBN 13

9780880993791

Poverty and Power

The Problem of Structural Inequality

By: Edward Royce

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Poverty and Power

The Problem of Structural Inequality

By: Edward Royce

Poverty and Power asserts that American poverty is a structural problem resulting from failings in our social system rather than individual failings of the poor. Contrary to the popular belief that poverty results from individual deficiencies—that poor people lack intelligence, determination, or skills—author Edward Royce introduces students to the very real structural issues that stack the balance of power in the United States. The book introduces four systems that contribute to inequality in the U.S.—economic, political, cultural, and structural—then discusses ten institutional problems that make life difficult for the poor and contribute to the persistence of poverty. Throughout the book, the author compares individualistic and structural approaches to poverty to assess strengths and limitations of each view. The second edition of this provocative book has been revised throughout with new statistical information, as well as analysis of the recent recession, the Obama presidency, increasing political polarization, the rise of the Tea Party and appearance of the Occupy Movement, new anti-poverty movements, and more.

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393

Publisher

Rowman & Littlefield

Published Date

ISBN 10

1442238097

ISBN 13

9781442238091

The Information Economy

The Implications of Unbalanced Growth

By: Lars Osberg,Edward N. Wolff,William J. Baumol,Institute for Research on Public Policy

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The Information Economy

The Implications of Unbalanced Growth

By: Lars Osberg,Edward N. Wolff,William J. Baumol,Institute for Research on Public Policy

This paper argues that growth in modern economies is inherently unbalanced because labour productivity grows at different rates in the different occupation sectors. It examines the relative shift within industries towards knowledge-based occupations. It also demonstrates that higher education does not imply higher individual earnings for those employed in the goods and personal services sector, but post-secondary education is strongly rewarded within the information economy. Finally, it discusses the educational policy, research and development and international trade issues raised by the pattern of unbalanced growth characteristic of the information economy.

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Page Count

138

Publisher

IRPP

Published Date

ISBN 10

0886450853

ISBN 13

9780886450854

Book's by Edward N. Wolff

A Century of Wealth in America

A Century of Wealth in America

A Century of Wealth in America

A Century of Wealth in America

Competitiveness, Convergence, and International Specialization

Competitiveness, Convergence, and International Specialization

Does Education Really Help?

Does Education Really Help?

Inheriting Wealth in America

Inheriting Wealth in America

Poverty and Power

Poverty and Power

Downsizing in America

Downsizing in America

Productivity Convergence

Productivity Convergence

The Transformation of the American Pension System

The Transformation of the American Pension System

Poverty and Power

Poverty and Power

The Information Economy

The Information Economy

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