UK economic growth and inequality from 1870

Wang, Hankui 2024. UK economic growth and inequality from 1870. PhD Thesis, Cardiff University. Item availability restricted.

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Abstract

This study introduces a structural model of economic growth and inequality, grounded in the optimizing behaviour of entrepreneurs. The model integrates heterogeneous agents and examines how entrepreneurial incentives, influenced by individual wealth and credit conditions, endogenously impact wealth distribution and economic growth. Unlike traditional methods, this research employs indirect inference to test the model, focusing on its ability to simulate behaviour consistent with observed data rather than predicting specific outcomes. Using comprehensive UK data spanning from 1870 to 2016, the empirical findings reveal a trade-off between growth and inequality. The study’s welfare analysis implies that the historical trend towards redistribution is driven by its popularity and potential to balance growth and inequality, providing crucial insights for policy formulation.

Item Type:	Thesis (PhD)
Date Type:	Completion
Status:	Unpublished
Schools:	Schools > Business (Including Economics)
Date of First Compliant Deposit:	21 February 2025
Date of Acceptance:	20 February 2025
Last Modified:	21 Feb 2025 09:48
URI:	https://orca.cardiff.ac.uk/id/eprint/176363

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