By Maurizio Franzini, Elena Granaglia, Michele Raitano

This publication explores the mechanisms during which best earning are completed via paintings in today’s complex economies and asks to what volume present severe inequalities have compatibility with commonly held values of social justice. Reflecting at the heterogeneity of the operating wealthy, the authors argue that very excessive gains usually end result now not from heightened pageant triggered via globalization yet fairly from an absence of pageant, or at most sensible poor pageant. it's proposed that such earning can't be justified by way of potency or benefit and don't generate confident trickle-down results with merits for all of society; really, severe inequalities in profits chance jeopardizing equality of chance. The ebook concludes via supplying a big selection of cutting edge coverage prescriptions that aren't punitive in purpose and aren't in basic terms directed towards source of revenue redistribution. Readers will locate the publication to be a desirable resource of insights into the topic of the operating wealthy, which is still principally unexplored inside either economics and ethics.

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Additional info for Extreme Inequalities in Contemporary Capitalism: Should We Be Concerned About the Rich?

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EUROSTAT Statistical Books, Luxembourg Chapter 2 The Super-Rich, Competition and Power Abstract The processes by which some people become super-rich has been neglected by economists for a very long time. Only recently have a few explanations been put forward, based on sound economic models, that refer to the kind of super-rich we are interested in: those who obtain very high incomes from their jobs. According to these explanations the super-rich win out against extremely fierce competition and are therefore deemed the best suppliers of a specific good or service.

A state of the art report. J Eur Soc Policy 12(2):137–158 Atkinson AB (1970) On the measurement of inequality. J Econ Theory 2:244–263 Atkinson AB (1975) The economics of inequality. Oxford University Press, Oxford Atkinson AB (2006) Concentration among the rich. UNU-Wider research paper, 2006/151 Atkinson AB (2007) Measuring top incomes: methodological issues. In: Atkinson AB, Piketty T (eds) Top incomes over the twentieth century. Oxford University Press, Oxford Atkinson AB, Brandolini A (2011) On the identification of the middle class.

36 The only country with a lower percentage than Italy, as far as the affluent are concerned, is Sweden. Spain, instead, has the lower percentage with respect to the rich. 0 Spain France Italy Poland Sweden UK Spain Affluent France Italy Poland Sweden UK Rich Incidence Sen index Fig. 7 Incidence of working rich and Sen index in selected EU countries in 2009 (%). Source: Elaborations on EU-SILC 2010 36 Taking into account the tax burden, an individual income equal to five times the median is therefore greater than the value that identifies the top 1 % according to fiscal data, as is after all confirmed by the share of individuals that earns incomes that exceed the threshold (Fig.

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