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How research by a French economist helped redefine income inequality

WASHINGTON - French economist Thomas Piketty and his research partners have transformed the wealth gap debate by popularizing the concept of a financially elite 1 per cent. They framed the issue of income inequality in terms that ordinary people could grasp. Using tax records, they drilled into how much money it took to belong to the 1 per cent and what share of personal income this group controlled.

How research by a French economist helped redefine income inequality

WASHINGTON - French economist Thomas Piketty and his research partners have transformed the wealth gap debate by popularizing the concept of a financially elite 1 per cent. They framed the issue of income inequality in terms that ordinary people could grasp. Using tax records, they drilled into how much money it took to belong to the 1 per cent and what share of personal income this group controlled.

Canada's middle class surpasses that in the U.S., says New York Times report

OTTAWA - There is a middle class crisis, but it's happening south of the border, not in Canada, according to a New York Times report on incomes around the world. The newspaper says an analysis it conducted with the LIS data centre shows that while Canadian median income per capita trailed the U.S. badly at the turn of the century, it had caught up by 2010 and now likely is ahead. And overall, the study shows Canada tied with the U.S. for the highest per capita median income of the countries compared, including Germany, France and Britain.

French economist's book on inequality tops Amazon list

French economist Thomas Piketty's book on income inequality soared Tuesday to the top of online retailer Amazon's best sellers. Already running in Amazon's top 100 since the English version, "Capital in the Twenty-First Century," was released last month, Piketty's book climbed past hit books like "Frozen", "Game of Thrones" and "Heaven is for Real, which has been on the list from 28 months. Piketty's book has drawn huge interest as US political leaders debate whether widening income disparity is a problem that requires political action.

Income gap between households, companies worsens over past 5 years

SEOUL, April 21 (Yonhap) -- The income gap between local households and companies has been widening over the past five years, an indication that the economic recovery has not evenly trickled down to all social brackets, data showed Monday. Companies' disposable income grew 80.4 percent between 2008 and 2013, a yearly average of 16.1 percent, according to calculated numbers based on central bank data. But in the cited period, households' disposable income gained 26.5 percent, or at an annual growth of an average of 5.3 percent, the data showed.

From Occupy, to the IMF: Inequality lands on the agenda of elite policy meeting

WASHINGTON - From the Occupy movement, to the corridors of power: the rallying cry against inequality could be heard the last few days in a setting far removed from the street demonstrations that sprouted in 2011. The past week's global financial meetings heard repeated warnings about inequality and its deleterious effect on economic growth.

Income gap in South Korea widens at fast pace: ADBI

SEOUL, March 10 (Yonhap) -- South Korea ranked fifth among 28 Asian countries in how fast income disparity worsened over the past two decades, a report showed Monday. Twelve of the countries in the Asia-Pacific region experienced growing income inequality between 1990 and 2010, according to the report by the Asian Development Bank Institute (ADBI). The report, titled "Rising Inequality in Asia and Policy Implications," was based on the countries' Gini coefficients, which were multiplied by 100 for easier reading. A number closer to zero means less severe income inequality.

Income gap in South Korea widens at fast pace: ADBI

SEOUL, March 10 (Yonhap) -- South Korea ranked fifth among 28 Asian countries in how fast income disparity worsened over the past two decades, a report showed Monday. Twelve of the countries in the Asia-Pacific region experienced growing income inequality between 1990 and 2010, according to the report by the Asian Development Bank Institute (ADBI). The report, titled "Rising Inequality in Asia and Policy Implications," was based on the countries' Gini coefficients, which were multiplied by 100 for easier reading. A number closer to zero means less severe income inequality.

To see U.S. wealth gap, look no further than Washington

By Ian Simpson WASHINGTON (Reuters) - President Barack Obama is making income inequality an issue in midterm elections, and proof of the gap between rich and poor is close at hand right outside the White House. The booming District of Columbia features the wealthiest high-income strata among big U.S. cities and more poor people than the national average, leading analysts to call it a microcosm of the larger U.S. economy.

Redistributing wealth through taxation not a drag on economic growth: IMF paper

OTTAWA - A new paper by researchers at the International Monetary Fund appears to debunk a tenet of conservative economic ideology — that taxing the rich to give to the poor is bad for the economy. The paper by IMF researchers Jonathan Ostry, Andrew Berg and Charalambos Tsangarides will be applauded by politicians and economists who regard high levels of income inequality as not only a moral stain on society but also economically unsound.
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