Dear Colleague,

We cordially invite you to the next wiiw seminar on

Thursday, 20 October, 2016, 6:30 pm
wiiw, Rahlgasse 3, 1060 Vienna, lecture hall (entrance from ground floor) 

Inequality in the OECD: trends, drivers and policy responses

Michael Förster
Senior policy analyst, Social Policy Division, OECD

Abstract
The presentation draws on recent and ongoing OECD work on inequalities. In most OECD countries, the gap between rich and poor is at its highest level since the 1980s. Growth, if any, benefited disproportionally higher income groups while lower-income households were left behind. Household wealth is even much more concentrated at the top than income, half of total wealth being owned by the 10% wealthiest households while the 40% least wealthy own just 3%. Two important drivers of increased inequality stand out. First, labour markets have been undergoing profound transformations due to globalisation, technological change and policy reforms. Job polarization took place where standard jobs have disappeared in the middle of the distribution in terms of wages and skills while non-standard jobs have contributed to an increase at both ends of the distribution. Second, reforms of tax and benefit systems prior to the crisis reduced redistribution as benefit levels were cut, access to benefits tightened and transfers failed to keep pace with earnings growth. During the initial years of the crisis, automatic stabilisers and fiscal stimulus measures still cushioned the fall in household income and prevented inequality going from bad to worse. However, as the crisis continued, the effect diminished as entitlements to social benefits expired and many governments implemented fiscal consolidation programmes.The weak economic recovery since 2010/2011 did not succeed in lowering overall income inequality. The presentation will also discuss policy approaches and tools in OECD countries to counter the trend of growing inequality, focusing on: i) promoting employment promotion and good-quality jobs; ii) fostering women's participation in economic life; iii) strengthening investment in skills and education; iv) improving the design of tax and benefit systems for a more efficient redistribution.

(Papers and presentation slides, as far as available, are posted on our homepage http://wiiw.ac.at/events.html after the respective seminars.)

Best regards,

Univ. Doz. Dr. Robert Stehrer                                                  Dr. Sándor Richter
Scientific Director wiiw                                                                     Organiser

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Michaela Bönisch

Wiener Institut für Internationale Wirtschaftsvergleiche (wiiw)
The Vienna Institute for International Economic Studies
Rahlgasse 3, A-1060 Wien

T: +43 1 533 66 10 - 40
F: +43 1 533 66 10 - 50
boenisch@wiiw.ac.at
http://www.wiiw.ac.at/

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