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Rising income inequality is taking a toll on people's subjective well-being (SWB), and many commentators have implicated the role of material possessions, and thereby marketing, in this regard. Making a more nuanced argument, this research proposes that certain material possessions—namely, favorite possessions—can mitigate the detrimental psychological effect of income inequality on SWB. In support of this proposition, experimental data from nine countries (N = 3,687) and social media posts from 138 countries (N = 31,332) converge to show that, while SWB generally declines as income inequality increases, encouraging consumers to attend to their favorite possessions can mitigate the negative effect of inequality on SWB. This is because attending to favorite possessions reduces consumers' tendency to make social comparisons related to material resources and wealth, which otherwise arise when income inequality is high. Consequently, even when they perceive high income inequality, consumers feel less deprived relative to others, which buffers their SWB. These findings have meaningful consumer welfare implications. In particular, one way consumers can feel happier with their quality of life in an unequal society is to avoid comparing their material wealth with that of others and instead attend to the material possessions most special to them. [ABSTRACT FROM AUTHOR]

We document significant negative effects of exposure to increased automation at work on household wealth accumulation. Beyond the income and savings channels, we uncover a novel mechanism contributing to the negative wealth effects of automation that arises through the endogenous optimal portfolio decisions of households. We show that households rebalance their financial wealth away from the stock market in response to increased human capital risk induced by pervasive automation, thereby attaining lower wealth levels and relative positions in the wealth distribution. Our evidence suggests that the portfolio channel amplifies the inequality-enhancing effects of increased automation. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

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Mainstream media reports on the rise of “nepo babies” have brought renewed attention to the advantages that famous and well-connected parents can provide. Drawing from a sample of 331 in-print and online articles, we apply a cultural frame analysis to study news media discourse around nepotism with a focus on how celebrity children are represented and whether these representations support or refute an ideology of meritocracy. We find that nepotism is often framed in one of four ways. First, and most commonly, nepotism among celebrity children is rendered defensible through allusions to hard work and sensationalized accounts of celebrities’ lives and lifestyles. Second, nepotism is objected to for the uneven privileges that celebrity parentage can provide. Third, a minority of articles contextualize privilege and produce order. The remaining frames presented a degree of indifference, which functioned to normalize nepotism. Together, most frames reinforce the American ideology of meritocracy, suggesting that hard work and talent explain the success of celebrity children, while hiding structural inequalities and the insidiousness of privilege from view. [ABSTRACT FROM AUTHOR]

Doughnut Economics is an economic model designed to overcome the negative impact that the crude use of Gross Domestic Product (GDP) can have on both society and the environment. As the model becomes more widely adopted it is important to explore the model from a theological perspective. Early Christian economic thought provides a way of exploring and challenging many of the fundamental ideas and conceptualisations of the DE model. DE has much to learn from early Christian thinkers. Firstly, a non-absolutist understanding of property can fuel calls for a more radical distribution of wealth than called for in DE, with an even greater emphasis on the process and benefits of individual almsgiving. Secondly, it shows how the limitations of the social foundation of DE has much to learn from the positive value of the ascetic lifestyle promoted by some early Christian thinkers. Finally, at a time when there are understandable concerns about the limits of the ecological ceiling, early Christian thought offers both hope and a call to action. [ABSTRACT FROM AUTHOR]

The expansion in the wealth of the extremely wealthy has received much attention in recent public and academic debate. In political theory, the phenomenon has only recently begun to be scrutinized. This article builds on these preliminary steps, exploring the normative reasons we have to worry about extreme wealth. Looking at the issues, first, through a distributive lens, we reveal that the excess wealth of the extremely wealthy compounds the injustice of inequality and insufficiency, making the situation distinctly unjust. Through a relational lens, we see that extreme wealth may create societal segregation, which poses distinct threats to solidarity. Finally, when the two previous perspectives interact, the particular ways in which the wealthy can influence society, change rules and norms and bend existing regulation to their advantage open up the possibility of vicious societal feedback loops. [ABSTRACT FROM AUTHOR]

This Article frames the problem of capital taxation as a dilemma of the middle of history. At the “beginning of history”—before any wealth inequality has emerged and before individuals have made any saving choices—the much-cited Atkinson-Stiglitz theorem teaches that the optimal capital tax is zero. At the “end of history”—after individuals have made all of their saving choices—the optimal capital tax is generally agreed to be 100%, since a capital tax today cannot distort decisions made in the past. Neither result tells us how to proceed in the “middle of history”—after significant wealth inequality has emerged but while the shadow of the future still looms large. Yet absent an imminent apocalypse, the “middle of history” is the temporal reality with which our tax policies must contend. The central question for capital taxation in the middle of history is how governments today can respond to accumulated inequalities while credibly committing to future tax trajectories. This Article focuses on three factors—institutions, inequality, and ideas—that mediate the relationship between past and present policy and expectations of future policy. Exploring these three mediating factors in deep detail can enrich our positive understanding of capital taxation’s real-world effects while refining our normative views about optimal capital tax design. Economic reasoning proves useful to this inquiry, but the Article also emphasizes the importance of integrating perspectives from history, political science, sociology, and—not least—law into a holistic account of capital taxation and credible commitment. The analytical payoffs from such an approach are far-reaching. For example, a middle-of-history perspective complicates the conventional wisdom regarding the relationship between capital taxation and investment incentives: Capital tax cuts—which are typically thought to incentivize investment—may have the reverse effect when they undermine public confidence in the political stability of a low-capital-tax regime. Beyond the implications for tax, a middle-of-history perspective can yield lessons for—and derive lessons from—fields ranging from criminal justice to intellectual property, which face credible commitment problems comparable to tax’s dilemma. The challenge of sustaining credible commitment when policymakers’ incentives are time inconsistent is not just a problem of capital taxation in the middle of history but a more general problem of law in the middle of history. [ABSTRACT FROM AUTHOR]

To examine the role of work in the bereavement process, we focused on health changes among widowed adults. We analyzed a sample of 518 adults (aged 52–95) from the Korean Retirement and Income Study (2011–2019) who experienced spousal loss during the study period. The widowed participants provided data on their employment status and perceived health at both pre-loss and post-loss. Widowed participants reported worse physical and mental health after the bereavement, but the significant health deterioration was not observed among employed participants. Adjusting for pre-loss health status and other covariates, employed widow(er)s showed a smaller decrease in physical and mental health, compared to their counterparts. The effect of employment on physical health changes was more pronounced for economically vulnerable widow(er)s. Work might serve as a restoring coping strategy for widowed individuals; economic benefits from the job may also contribute to their health and well-being. [ABSTRACT FROM AUTHOR]

ABSTRACT Charitable giving is often seen as a flexible and efficient way to address societal issues. However, it has also been criticised for having the potential to undermine governmental responsibility for providing public services and leading to concentrations of power. Across three studies, we investigated whether high social class is linked to viewing charitable giving favourably and as fulfilling an important function in society. We found correlational (Studies 1 and 2; United Kingdom and Netherlands; N = 1613) and experimental (Study 3; United Kingdom; N = 400) evidence that high social class is linked to more favourable views of charitable giving. Social class, however, was not associated with preferences for policies aimed at promoting charitable giving over systemic policies when targeting specific social issues. These findings suggest that social class influences general attitudes towards philanthropy but does not consistently guide preferences for specific policies addressing social issues. [ABSTRACT FROM AUTHOR]

ABSTRACT In four studies, we provide the first empirical examination of how wealth relates to cosmopolitan identity and its consequences for charitable intentions. Study 1 demonstrated that wealth positively predicted cosmopolitan identity in a 60‐nation dataset (n = 90,350). Study 2 replicated this finding with multi‐item measures in the United States, India and Australia (total n = 861); self‐esteem and self‐efficacy accounted for this association. Study 3 demonstrated the mediating role of cosmopolitan identity in explaining the link between wealth and charitable intentions (n = 351). Study 4 provided causal evidence for these relationships by experimentally manipulating wealth perceptions in the United States and India (total n = 537). People who were made to feel wealthy (as opposed to poor) reported greater self‐esteem and self‐efficacy, which flowed through to heightened cosmopolitan identification, and finally to increased charitable intentions. Together, these studies suggest that structural economic realities may impose psychological barriers to cultivating global citizenship, hence implicating prosocial downstream consequences. [ABSTRACT FROM AUTHOR]

The rapid growth in the number of convents in the nineteenth century, and the strong links between many of these foundations and Ireland, has been noted in much scholarship. Generally the impetus in such scholarship has been to understand the expansion of congregations, and the range of their ministries. The stage before such expansion is the ‘founding’ stage: the period in which congregations were first established, and put down their roots. This stage is the subject of this article, and its aim is to interrogate the question of how women funded their first convents. In the article, we examine in detail the financial records of some of the first convents established in Ireland, that later made foundations in North America and elsewhere. We demonstrate how women played a key role in financing the founding stages, through a careful scrutiny of convent account books, annals and other archival records. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic has underscored the necessity of implementing non-pharmaceutical interventions such as lockdowns to mitigate the spread of infectious diseases. This study aims to model the impact of lockdown measures on the progression of an epidemic. Using a combination of compartmental models, specifically a novel delay model, we analyze the effects of varying lockdown intensities and durations on disease transmission dynamics. The results highlight that timely and stringent lockdowns can significantly reduce the peak number of infections and delay the epidemic's peak, thereby alleviating pressure on healthcare systems. Moreover, our models demonstrate the importance of appropriate lifting of lockdowns to prevent a resurgence of cases. Analytical and numerical results reveal critical thresholds for lockdown efficacy from the epidemiological point of view, which depend on such factors as the basic reproduction number ( ℜ 0 ), disease duration, and immunity waning. In the case of a single outbreak with permanent immunity, we analytically determine the optimal proportion of isolated people which minimizes the total number of infected. While in the case of temporary immunity, numerical simulations show that the infectious cases decrease with respect to the proportion of isolated people during lockdowns; as we increase the proportion of isolated people, we have to increase the duration of lockdowns to obtain periodic outbreaks. Further, we assess the influence of epidemic with or without lockdown on the economy and evaluate its economical efficacy by means of the level of population wealth. The percentage of productive individuals among isolated people influences the wealth state of the population during lockdowns. The latter increases with the rise of the former for fixed epidemic parameters. This research provides valuable insights for policymakers in designing effective lockdown strategies to control future epidemics. [ABSTRACT FROM AUTHOR]

Is trying to earn status effective or self‐defeating? We show that whether effort increases or decreases admiration and respect (i.e., status) depends on how the person is trying to earn status. Groups evaluate people along multiple status dimensions (e.g., wealth, coolness). Each dimension is associated with a different ideology, or set of beliefs, that ascribe status to behaviors that contribute to the group's goals. Whether behaviors, including effort, increase status, thus, depends on the ideologies that people use to interpret if a behavior contributes to the group. Four experiments demonstrate that people earn more status when they try to become wealthy compared to when they are effortlessly wealthy, but earn less status when they try to become cool compared to when they are effortlessly cool. Effort increases status when directed at wealth but not at coolness because contemporary ideologies suggest that people who gain wealth through effort contribute more to society, whereas people who gain coolness through effort contribute less. [ABSTRACT FROM AUTHOR]

This paper draws upon Alfred Korzybski's distinction between extensional and intensional orientations to reveal how time-binding relates to wealth, economics, and politics. As economic concerns and sensibilities inform a good deal of political thought, the paper shows how the phenomenon of wealth- and in particular the rise of superabundance-warrants careful examination and also how general semantics provides needed resources for thinking about these issue. "Wealth," understood within GS, provides an exemplar of uniquely human properties that emerge only with the time-binding class of life. By tracing the intricate connections between time-binding and wealth creation, this paper engages in thoroughgoing re-evaluation of self-understanding, and therein, it opens new vistas for thinking about contemporary political divisions and social problems. [ABSTRACT FROM AUTHOR]

Suppose I assert "Jim is rich". According to negotiated contextualism, my assertion should be understood as a proposal to adopt a standard of wealth such that Jim counts as "rich" by that standard. Furthermore, according to negotiated contextualism, this is so in virtue of the semantic properties of the word "rich". Defenders of negotiated contextualism (Khoo & Knobe in Noûs 52(1):109–143, 2016; Khoo in Philos. Phenomenol. Res. 100(1):26–53, 2020) claim that this view is uniquely well-placed to account for certain disagreement data; for example, that if your standard for the application of the word "rich" is more constraining than mine, you can sensibly assert "no, Jim is not rich" without thereby making an incompatible claim. This paper outlines a simpler explanation of the data: speakers can sensibly reject a given assertion provided that they think that the asserted sentence is false in the context which they take to be relevant to that sentence's interpretation. I argue that, combined with standard semantic tools, this explanation can account for the original data and for new empirical results. Along the way, I present new empirical data to argue against negotiated contextualism. [ABSTRACT FROM AUTHOR]

Objectives: To assess how cognitive trajectories from mid-to-later life relate to wealth change, overall and by mid-life income. Methods: Data were from participants (51–64 years) in the 2000–2018 U.S. Health and Retirement Study who were cognitively healthy at baseline (year 2000; unweighted n = 3821). Longitudinal latent class analyses generated cognitive and wealth trajectories, independently, and multinomial logistic regressions estimated the association between cognitive trajectories and wealth profiles, overall and by median income. Results: We identified three cognitive: cognitively healthy (CH), increasing cognitive impairment (ICI), and increasing dementia (ID) and four wealth profiles: stable wealth loss (SWL), delayed gradual wealth loss (DGWL), stable wealth gain (SWG), and gradual wealth gain (GWG). The ID group had higher probability of being in the SWL group and lower probability of SWG, which was more pronounced in respondents with greater median income. Discussion: Individuals with ID may be vulnerable to wealth loss, particularly for middle-class households. [ABSTRACT FROM AUTHOR]

We use administrative data on individual balance sheets in Denmark to document how an individual's financial position affects job search behavior. We look at the effect of wealth at the entry into unemployment on the exit rate from unemployment as well as the effect on the subsequent match quality. The detailed data allow us not only to distinguish between liquid and illiquid parts, but also to decompose each of them into assets and liabilities. The decomposition of wealth into these four components is key to understanding how wealth affects job finding rates. In particular, we show that liquid assets reduce the probability of becoming reemployed, but we do not see an effect of liquid liabilities or the illiquid wealth components, while interest payments speed up reemployment. The results on subsequent match quality in form of job duration and wages are mixed. [ABSTRACT FROM AUTHOR]

In this paper, we analyze the influence of the perceived level of economic inequality in daily life on people's recognition of the perceived humanity gap between low- and high-socioeconomic groups within society. To achieve this purpose, in Studies 1A–B, we analyzed the relationship between economic inequality and the humanity gap. In Studies 2A–B, we manipulated the level of inequality (low vs. high) to identify differences in the humanity gap. Results indicated that higher perceptions of economic inequality lead individuals to recognize a wider humanity gap between low- and high-socioeconomic groups in society. Implications are discussed. [ABSTRACT FROM AUTHOR]

Relying on theories positing general resentment of the rich, we argue that people who believe there are a greater number of Justices who are millionaires will have more negative attitudes towards the Court than those who believe there are fewer millionaires on the Court. Analyzing the results of a nationally representative survey, we find that individuals who believe a larger number of the Justices are millionaires are more likely to believe the Court gives special rights to the wealthy and are overall less likely to view the Court as legitimate. We supplement these results with a survey experiment, demonstrating that individuals believe the Court will become less fair if a millionaire nominee is confirmed to be a Justice and that individuals are less likely to support a millionaire nominee compared to nominees with a lower net worth. Our results have implications for perceptions of bias within the judiciary, the selection of judicial nominees, and how attitudes about the wealthy can influence attitudes towards institutions. [ABSTRACT FROM AUTHOR]

Films that advertised the rising status of the Federal Republic of Germany (FRG) as a partner in Western economic and military alliances were an integral item of the Adenauer administration's PR arsenal. Produced through the state-funded newsreel system Deutsche Wochenschau under the direction of the Federal Press Office, these films provided an effective way to reach out to the electorate and explain and highlight the successes of democracy in a post-fascist country. PR films also emphasized the FRG's role as an integral partner in the emerging European project. This article examines Der erste Schritt: Die Geschichte eines Briefes, a 1951 film advertising the Schuman Declaration as the necessary "first step" to overcome the socio-economic devastation of postwar Europe. The film reveals its producers' agenda to manipulate the collective memory of the war-ridden Franco-German Erbfeindschaft and replace memories of animosities with images of pragmatic cooperation. Through a focus on the First World War as a tragic, but heroically fought confrontation between the nations, the film helps its audiences bridge the more recent and more conflicted Second World War past. The film's narrative argues for a unified Europe by vividly describing its absence vis-à-vis the post-Second World War destruction in central Europe, and by drawing favourable comparisons with the large, unified economic territory of the United States. Compared to later PR films that accompanied Konrad Adenauer's and Charles de Gaulle's policy of reconciliation in the early sixties, Der erste Schritt in 1951 does not try to manufacture an image of friendship between the two countries. Instead, through the sentimental frame narrative of a letter by a young French woman to a West German politician, the film's narrative insists that only economic cooperation, the abolition of inner-European borders, and the sharing of resources can lay the foundation for lasting peace and prosperity in a war-torn Europe. The article closes with an overview on how the film was used in PR deployments that advertised the European project. In sum, Der erste Schritt provides an important perspective on the Adenauer administration's early imaginations of Europe, and how these images were put to work to further the FRG's still ongoing process of consolidation during its founding years. [ABSTRACT FROM AUTHOR]

Biases favoring the wealthy are ubiquitous, and they support and bolster vast resource inequalities across individuals and groups; yet, when these biases are acquired remains unknown. In Experiments 1 through 5 (Total N = 232), using multiple methods, we found that 14- to 18-month-old infants track individuals' wealth (Experiments 1–5), prefer and selectively help rich (vs. poor) individuals (Experiments 2 and 3), and negatively evaluate poor individuals (Experiments 4 and 5). In two subsequent experiments with 11- to 13-month-old infants (Total N = 65), however, we find no evidence of preferences for rich (vs. poor) individuals (Experiment 6) or differential evaluations of rich and poor people (Experiment 7). Together, these results demonstrate that in the second year of life, wealth emerges as a central and robust dimension of evaluation that guides social decision making. Public Significance Statement: Despite the fact that people prefer more equitable societies and distributions of resources across individuals, biases favoring the wealthy emerge within the second year of life. When considering the steps necessary to reduce wealth inequality and ameliorate its negative consequences, our data reveal that early-emerging wealth-based biases manifest as behavioral preferences for rich people, which seem to stem from negative evaluations of poor people rather than positive evaluations of rich people. Thus, undoing wealth inequality requires changing the way that people think about and act toward poor individuals early in life and designing interactions, institutions, and social structures that push against the early-emerging negative attitudes and behaviors directed toward poor individuals. [ABSTRACT FROM AUTHOR]

It is well evidenced that South Africa is characterised by extreme socioeconomic inequality, which is strongly racialised. We offer an original sociological perspective, which departs from established perspectives considering the dynamics of vulnerability and poverty to focus on the structuring of classed and racialised privilege. We map how stocks of economic, cultural, and social capital intersect to generate systematic and structural inequalities in the country and consider how far these are associated with fundamental racial divides. To achieve this, we utilise rich, nationally representative data from the National Income Dynamics Study and employ Multiple Correspondence Analysis to construct a model of South African 'social space'. Our findings underscore how entrenched racial divisions remain within South Africa, with White people being overwhelmingly located in the most privileged positions. However, our cluster analysis also indicates that forms of middle‐class privilege percolate beyond a core of the 8% of the population that is white. We emphasise how age divisions are associated with social capital accumulation. Our cluster analysis reveals that trust levels increase with economic and cultural capital levels within younger age groups and could therefore come to intensify social and racial divisions. [ABSTRACT FROM AUTHOR]

Analyzing the battle over Sree Padmanabhaswamy temple's enormous treasure, the paper documents the litigious journey of the concept of sacred possession and heritage. It shows how the evolving and complex logic of secular governance in India provides the legal categories that animate this contestation over the deity's wealth. While the enormous treasure trove housed in the six chambers of the temple's basement 'belongs' to the idol (murthi) Lord Sree Padmanabhaswamy, the royal family of Travancore has held the right for over the last two hundred and seventy years to control the wealth as the Lord's servants (dasa). Though the dispute over what is arguably the world's largest temple gold and valuables collection began in 2007, it gained widespread media attention in 2009 when a public interest litigation (PIL) was filed. Since then, the royal family, temple management, and other stakeholders have been embroiled in the struggle for possession and control of the temple's wealth. The paper explores how legal frames of Anglo-Hindu law in their postcolonial avatars, material patrimony (gold and land), and notions of immaterial heritage (shebaitship) animated and framed this contestation. To this end, the paper maps the legal trajectory of the dispute and the public debates over the ownership and control of the astounding wealth of Sree Padmanabhaswamy temple. Further, it decodes the legal reasoning behind the courts' arguments and delves into ontological questions surrounding religious freedom and secularity. The discussion illustrates how notions of immaterial heritage anchored in ideas of kingship as well as kinship emerged as clinching evidence in the management and access to this sacred wealth. Finally, the analyses offer insights into the governance of sacred materiality through religio-legal categories in a postcolonial nation-state. [ABSTRACT FROM AUTHOR]

The injustices that have been visited upon racial minorities in the United States have a substantial economic legacy, both in terms of wealth disparities and resulting structural differences in economic opportunities. In response, some prominent Black scholars and policymakers have proposed a 'baby bonds' wealth-building policy. In this paper, I complement the economic justifications for this policy by examining the case for the proposal in terms of racial justice. The common justifications in the literature use a 'justice as rectification' framework, but this framework is a poor fit for the baby bonds proposal, unless we first examine the policy as a way to mitigate barriers to economic opportunity caused by persistent wealth gaps. This analysis focuses the case for baby bonds on their real selling point: a universal wealth policy can limit the intergenerational impact of injustice and misfortune of all kinds. [ABSTRACT FROM AUTHOR]

Questions have long revolved around the European Union's (EU) capacity to develop 'post-national' political myths – sacred narratives that provide a basis for long-term political legitimacy. The need for new EU political myths has become particularly severe with the declining power of the Union's foundational myths of peace and prosperity, and as the EU has entered an era of almost permanent crisis. This article critically assesses whether one contemporary EU policy innovation – the European Green Deal (EGD) – has the potential to transform from a set of policies and an accompanying narrative into a sacred narrative for the Union. The analysis is conducted by applying a novel framework that assesses a myth's features, including significance, development, and impact, to draw conclusions about the EGD's mythic capacity. Drawing on key speeches, texts, and Eurobarometer findings, the conclusion is drawn that the EGD does have mythic capacity in terms of its significance and development. However, its impact has been limited by critical voices on both sides of the climate action debate. This conclusion has important implications for the possibilities of post-national mythmaking. [ABSTRACT FROM AUTHOR]

High and rising levels of economic inequality come at a tremendous cost to societies, yet the public is often hesitant to confront these inequalities. Prior research has attempted to explain this paradox, pointing to how it is driven by individuals' misperceptions of the extent of inequality, broader narratives that justify inequality, and distrust in government intervention and redistribution. These beliefs and attitudes are not simply a reflection of individual predispositions; they are also a product of societal debates. The limited scholarship on such debates has focused on elite discourse, examining how discussions about inequality unfold among people in positions of power in formalized contexts such as parliaments or the media. Most of this research has been conducted in the Global North. We know very little about how ordinary people talk about economic inequality, especially in the Global South. Everyday conversations about economic inequality deserve more scholarly attention because of their distinct form and extensive range, covering diverse voices and social situations. They reflect how societies struggle with economic inequality and how some groups are silenced, while others have their voices amplified. Finally, conversations may affect opinion formation differently than unidirectional exposure to information. This article reviews the literature and sets out a research agenda to comprehensively study how ordinary people talk about economic inequality in various contexts. [ABSTRACT FROM AUTHOR]

Background and Objectives: Loneliness is a major public health concern; however, limited research has examined the mechanisms contributing to racial/ethnic inequities in loneliness. Race/ethnicity has been hypothesized to be a distal factor influencing loneliness, and racial/ethnic inequities in loneliness may be attributable to socioeconomic factors (e.g., income and education). Our study seeks to confirm these hypotheses by examining mechanisms that contribute to racial/ethnic inequities in loneliness. In other words, if racial/ethnic differences in loneliness among older adults are mediated by income and education. Research Design and Methods: Data came from the Health and Retirement Study Leave-Behind Questionnaire, 2014–2016. Loneliness was measured by the UCLA 3-item loneliness scale. Race/ethnicity categories were White, Black, and Hispanic/Latino. The mediator variables were household income and education. Multivariable linear regression models were used to determine differences in loneliness by race/ethnicity. The Karlson–Holm–Breen (KHB) mediation method was used to determine if income and education mediated racial/ethnic differences in loneliness. Results: In models examining income and education together, a complete mediation was found between White and Black older adults, in that income and education completely mediated differences in loneliness between these groups. A partial mediation was found between White and Hispanic, and Black and Hispanic older adults. When examining income and education separately, we found that income solely accounted for racial/ethnic differences in loneliness compared to education. Discussion and Implications: Our study is the first to explicitly determine if socioeconomic factors mediate race/ethnicity differences in loneliness among a national sample of older adults. These findings illustrate that income may have greater proximate effects for loneliness among older adults in comparison to education. Additionally, these findings can inform evidence-based interventions to reduce loneliness among older adults. Interventions that enhance quality of life and provide opportunities for socialization for racialized low-income older adults may help decrease racial/ethnic inequities in loneliness. [ABSTRACT FROM AUTHOR]

In this paper I aim to provide a novel account of the Democratic Argument for limitarianism. I first claim that the standard version of this argument is questionable due to its reliance on a problematic central premise, namely that excessive wealth damages democracy because of its detrimental impact on political equality. Subsequently, I relocate the fundamental democratic worry in regard to excessive wealth in the process of backsliding, and more specifically in the relation between excessive wealth and political polarization. I then offer a new account of the Democratic Argument for limitarianism which envisages wealth capping as instrumental for democratic resilience, but I maintain that the argument is not unambiguously successful. [ABSTRACT FROM AUTHOR]

The purpose of this work is to examine the nature of the historically observed and empirically described by the Pareto law inequality in the distribution of wealth and income in an economic system. This inequality is presumed to be the result of unequal opportunity by its members. An analytical model of the economic system consisting of a large number of actors, all having equal access to its total wealth (or income) has been developed that is formally represented by a scale-free network comprised of nodes (actors) and links (states of wealth or income). The dynamic evolution of the complex network can be mapped in turn, as is known, into a system of quantum particles (links) distributed among various energy levels (nodes) in thermodynamic equilibrium. The distribution of quantum particles (photons) at different energy levels in the physical system is then derived based on statistical thermodynamics with the attainment of maximal entropy for the system to be in a dynamic equilibrium. The resulting Planck-type distribution of the physical system mapped into a scale-free network leads naturally into the Pareto law distribution of the economic system. The conclusions of the scale-free complex network model leading to the analytical derivation of the empirical Pareto law are multifold. First, any complex economic system behaves akin to a scale-free complex network. Second, equal access or opportunity leads to unequal outcomes. Third, the optimal value for the Pareto index is obtained that ensures the optimal, albeit unequal, outcome of wealth and income distribution. Fourth, the optimal value for the Gini coefficient can then be calculated and be compared to the empirical values of that coefficient for wealth and income to ascertain how close an economic system is to its optimal distribution of income and wealth among its members. Fifth, in an economic system with equal opportunity for all its members there should be no difference between the resulting income and wealth distributions. Examination of the wealth and income distributions described by the Gini coefficient of national economies suggests that income and particularly wealth are far off from their optimal value. We conclude that the equality of opportunity should be the fundamental guiding principle of any economic system for the optimal distribution of wealth and income. The practical application of this conclusion is that societies ought to shift focus from policies such as taxation and payment transfers purporting to produce equal outcomes for all, a goal which is unattainable and wasteful, to policies advancing among others education, health care, and affordable housing for all as well as the re-evaluation of rules and institutions such that all members in the economic system have equal opportunity for the optimal utilization of resources and the distribution of wealth and income. Future research efforts should develop the scale-free complex network model of the economy as a complement to the current standard models. [ABSTRACT FROM AUTHOR]

I analyze the inter vivo transfers and bequest decisions of 700,000 individuals during a period when the decision maker receives negative news regarding their life expectancy. The event that initiates the news is a health outcome. Expected mortality increases both the likelihood of transferring wealth to the next generation and the amount transferred. The size of the inter vivo transfer and bequest are positively related to the wealth of the parent and the severity of the diagnosis, regardless of diagnosis-specific demand for informal care. Using a structural life cycle model, I estimate the bequest parameters that are consistent with the causal effect estimates. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

This study analyzes the impact of defined benefit pensions, especially public pensions, on retirement income security and wealth distribution by race, gender, and educational attainment in the U.S. It serves as a companion report to Closing the Gap fact sheets, which are designed to inform the public about the social equity impact of pensions in each state and the District of Columbia.

This report finds that public pensions play an outsized role in the retirement security of every major demographic group in California, with the strongest impact on women and people of color. It is also a powerful tool for reducing wealth inequality. As private pension coverage declines, public pensions remain a critical bulwark of middle-class retirement security alongside Social Security, particularly for marginalized communities who have been historically shut out of other wealth-building opportunities.

In this study, we analyse savings and credit groups (SCGs) to investigate whether belonging to these groups contributes favourably to entrepreneurship. SCGs are community-based groups that represent a form of informal finance in developing countries. For the analysis, we adopt the social embeddedness theory, and test our hypotheses on a unique sample of respondents to a survey in Kenya finding a positive relationship between SCGs and the creation of new ventures. The results show that the levels of education and wealth are positively associated with the likelihood of creating a new venture, but SCG membership negatively moderates these relationships. Thus, the benefits of SCG membership are larger for less-educated and less-wealthy individuals that can offset, at least in part, the disadvantages related to these low levels. Finally, to provide insights for future research and policy, we focus on the group characteristics associated with the likelihood of creating new ventures. [ABSTRACT FROM AUTHOR]

Firms can use a range of proactive impression management behaviors to reduce the impact of a negative event on firm outcomes. When a negative event is unpredictable, we theorize that firms can engage in ostentatious behaviors that display the firm's affluence and robust resource base. We term these behaviors "flaunting," and we present a two-part model that investigates how flaunting can reduce the impact of an unpredictable negative event on firm outcomes and why it is effective at doing so. In part one, we theorize how flaunting can generate net positive stakeholder group evaluations by enhancing distinctiveness among stakeholder groups. In part two, we theorize that the net positive stakeholder group evaluations can buffer the impact of an unpredictable negative event on firm outcomes. We also maintain that this buffering effect is amplified when the flaunting firm actively manages stakeholder group distinctiveness. Thus, while flaunting can be both off-putting and enticing to different stakeholder groups, we theorize that courting the love of some may be worth the cost of being disliked (or worse) by others. [ABSTRACT FROM AUTHOR]

In some cultures, migrants bear an obligation to bring gifts from the foreign country for their relations when returning to their homeland. Why, and to what end? We examine the reasons for these transnational gift obligations in a multisite study of Ghanaian migrants in the United States and Australia, as well as people in Ghana with migrant relations living overseas. We adopt a wealth-centered perspective that problematizes the underexplored mutual impact of migrants and their gifts on social hierarchies within societies and transnational spatial hierarchies between societies. We show how the concepts of wealth in people and wealth in place connect with local gift economies to explain transnational gifting obligations. Specifically, informants use transnational gifts that embody wealth in place to acknowledge "being wealth" to people and to acquire wealth in others. We highlight the wealth in things that are exchanged as gift objects and the wealth in people who are exchanged as gift subjects between here and there. Our findings implicate a "glocal" gift economy that results from the global flows of things and people as gifts within transnational places of differing statuses. We discuss how this glocal gift economy (re)produces transnational spatial hierarchies and local (national) status hierarchies. [ABSTRACT FROM AUTHOR]

This study identifies similarities and differences in the structural organization and cultural attitudes expressed in Swedish and Russian proverbs of comparative semantics on poverty and wealth. It provides a classification of linguistic units (35 Swedish and 60 Russian proverbs) based on their expression of identity, comparison, contrast, and syntactic organization. The research reveals that in the Swedish language, proverbs expressing comparison with adjectives in the comparative degree have quantitative advantages, while in the Russian language, proverbs expressing contrast prevail. Similar cultural attitudes in Swedish and Russian proverbs of comparative semantics on poverty and wealth include:(1) The wealthy person’s material status is incomparably higher than that of the poor, but the poor person surpasses the wealthy in moral terms.(2) The wealthy always desire more, being unsatisfied with their wealth.(3) Laws operate differently for the rich and the poor.(4) Wealth is fleeting if not used wisely.Differences lie in specific cultural attitudes. For instance, Swedish proverbs focus on the wealthy person’s daughter as a coveted prize for those seeking easy enrichment, while Russian proverbs intensify certain qualities of individuals based on their degree of poverty / wealth (the poorer a person is, the more generous, wise, intelligent, brave, cunning they are, etc.).

Reparations proposals typically target wealth. Yet slavery’s and Jim Crow’s long echoes also steal time, such as by producing shorter Black lifespans even today. I argue that lost time should be considered an independent target for redress; identify challenges to doing so; and provide examples of what reparations redressing lost lifespan could look like. To identify quantitative targets for redress, I analyze area-level relationships between Black lifespans and six measures of intensity of slavery, Jim Crow, and racial terror. Results reveal inconsistent relationships across measures, suggesting difficulties in grounding a target for redress in such variation. Instead, I propose that policies aim to redress the national lifespan gap between White and Black Americans. The article concludes with a typology of potential strategies for such redress.

In the three decades after 1945 the British property development sector exploded in size and began operating on a worldwide scale. The largest property companies in the world were British in this era and they built office blocks, shopping centres and hotels in cities all over the world. These overseas property developments overlapped firmly with the pre-existing political and economic geographies of empire, and their speculative transnational financing was made possible by allying with London's financial sector and the world of 'gentlemanly capitalism'. This article surveys the rise, financialization, and imperially inflected internationalization of the British property development sector in this period, showing how property companies capitalized upon post-war Britain's developer-friendly urban renewal order, internationalist financial sector, and inherited imperial advantages even as many of the formal political structures of empire were being dismantled. In the post-war decades, the remnants of empire as a commercial world system provided Britain's property developers with vital stepping stones towards the fully globalized forms of financialized real-estate development that shape cities around the world today. [ABSTRACT FROM AUTHOR]

How sticky is wealth inequality across generations due to marital sorting? To analyze this question, we utilize a comprehensive Swiss dataset. Our findings highlight that marital sorting based on wealth is especially pronounced at the extremes of the wealth distribution, exacerbating wealth inequality. Simultaneously, we observe that the similarity in wealth between the parents of married partners is substantially less pronounced. Our findings suggest a more significant occurrence of marriages into "new money" than "old money". Consequently, our study shows that parental wealth has a limited role in contributing to the inequality stemming from marital choices. We present evidence that intergenerational social mobility plays a pivotal role in counteracting the potential intensification of wealth structures due to marriage. [ABSTRACT FROM AUTHOR]

This article investigates how the International Baccalaureate's 'global dream' for education interacts with the national priorities of governments. In mainland China, a thriving international school market has been met with tightened government control. We draw on the analytical lens of 'cosmopolitan nationalism' to demonstrate how a cosmopolitan openness to international schooling was subject to reversal when deemed to counter national interests. Through content analysis of government documents and state media, we discuss how representations of the International Baccalaureate were in tension with national agendas of the 'China dream' and 'common prosperity'. Finally, we reflect on the malleability of the International Baccalaureate across diverse national contexts. [ABSTRACT FROM AUTHOR]

While research has found that aggregate levels of family wealth grew during the COVID-19 pandemic across sociodemographic groups, we know less about heterogeneity in wealth accumulation during the pandemic within these groups. Using linked household data from the 2019 and 2021 waves of the Panel Study of Income Dynamics (N = 6282), we examine a key measure of wealth accumulation: absolute upward wealth mobility, defined as having more wealth in 2021 than 2019. Conditional on other characteristics, we find that college-educated, homeowning, and younger families were substantially more likely to see increases in wealth between 2019 and 2021, while Black, lower-income, older, and cohabiting and single-female families were much less likely to experience upward wealth mobility. We also find that families with workers who were deemed essential or only worked from home during the pandemic were more likely to experience upward wealth mobility. Our findings reveal inequalities in whether families benefitted from the social and economic trends that boosted household wealth during the pandemic. [ABSTRACT FROM AUTHOR]

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Summary: This paper evaluates the impact of quantitative easing on income and wealth of individual euro area households. We first estimate the aggregate effects of a quantitative easing (QE) shock, identified by means of external instruments, in a multi‐country vector autoregression (VAR) model with unemployment, wages, gross operating surplus, interest rates, house prices, and stock prices. We then distribute the aggregate effects across households using a reduced‐form simulation on micro‐data, which captures the portfolio composition, the income composition, and the earnings heterogeneity channels of transmission. The earnings heterogeneity channel is important: QE compresses the income distribution because many households with lower incomes become employed. In contrast, monetary policy has only negligible effects on the Gini coefficient for wealth: While high‐wealth households benefit from higher stock prices, middle‐wealth households benefit from higher house prices. [ABSTRACT FROM AUTHOR]