A commentary published by the Federal Reserve Bank of Cleveland found that slower economic growth has had little effect on income and wealth inequality in the United States. Daniel Carroll, an economist with the Cleveland Fed, and Eric Young, a professor at the University of Virginia, contend in their commentary titled " Zero Growth and Long Run Inequality " that "to the extent that different rates of trend growth are associated with changes in wealth inequality, lower growth tends to yield less inequality rather than more." Carroll and Young addressed research by Thomas Piketty which concluded that income inequality and wealth inequality increases as economic growth slows. Whereas Piketty's research made certain assumptions about the evolution of wealth distribution and the output of the economy, Carroll and Young based their commentary on a more sophisticated treatment of income and wealth distributions, such as those found in world con...
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