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1. Wealth and Well-being in an Ancient Maya Community: A Framework for Studying the Quality of Life in Past Societies

   https://doi.org/10.1007/s10816-021-09508-8  

   Munson, Jessica; Scholnick, Jonathan (January 2021, Journal of Archaeological Method and Theory)

   null (Ed.)

   Inequality is an intrinsic element of contemporary societies, with high income disparity impacting everything from life expectancy to violent crime. While inequality in today’s society is complex and multifaceted, the prominence and persistence of inequality that existed throughout human history raise important questions about its broader impacts in the past. In this paper, we discuss the concept of quality of life (QOL) for archaeology and introduce methods for studying multiple dimensions of wealth and well-being in past societies. Using previously published burial data from the ancient Maya site of Altar de Sacrificios, we illustrate this approach employing notions of personhood that treat individuals embedded in complex socio-material relations. These data enable diachronic analyses in the degree and kinds of inequality that characterized this Maya community over a span of nearly 2000 years. We further discuss how these techniques can apply to other units of archaeological analysis and comparative case studies. Tracing the disparities in material wealth, social well-being, and health through time enables a more detailed analysis of the specific contexts and historical processes that gave rise to varying degrees of inequality in the past. 

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2. Children's Perceptions of Economic Groups in a Context of Limited Access to Opportunities

   https://doi.org/10.1111/cdev.13024  

   Elenbaas, Laura; Killen, Melanie (September 2019, Child Development)

   Abstract Children (N = 267, ages 8–14 years, M = 11.61 years, middle to upper-middle income) made predictions regarding groups of same-aged peers from high-wealth and low-wealth backgrounds. The context involved granting access to a special opportunity. From middle childhood to early adolescence children increasingly expected both high- and low-wealth groups to want access to opportunities for their own group. However, children viewed high-wealth groups as motivated in part by selfishness and low-wealth groups as concerned in part with broader economic inequality. Finally, the higher children's family income, the more they expected group-serving tendencies. These findings revealed children's perceptions of exclusive preferences between economic groups, negative stereotypes about high-wealth children, and awareness of some of the constraints faced by low-wealth children. 

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3. Inequality in Nineteenth-Century Manhattan: Evidence from the Housing Market

   https://doi.org/10.1017/ssh.2020.12  

   Gray, Rowena (January 2020, Social Science History)

   null (Ed.)

   ABSTRACT Historical inequality is difficult to measure, especially at the subcountry level and beyond the top income shares. This article presents new evidence on the level of inequality in Manhattan from 1880 to 1910 using housing rents. Rental prices and characteristics, including geocodable locations, were collected from newspapers and provide extensive geographic coverage of the island, relevant for the overwhelming majority of its population where renting predominated. This provides a measure of consumption inequality at the household level, which helps to develop the picture of urban inequality for this period, when income and wealth measures are scarce. For large American cities, but particularly for New York, housing made up a large share of consumption expenditure and its consumption cannot be substituted, so this is a reliable and feasible way to identify the true trends in urban inequality across space and time. 

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4. Subsidy Allocations in the Presence of Income Shocks

   https://doi.org/10.1609/aaai.v34i05.6188  

   Abebe, Rediet; Kleinberg, Jon; Weinberg, S. Matthew (June 2020, Proceedings of the AAAI Conference on Artificial Intelligence)

   null (Ed.)

   Poverty and economic hardship are understood to be highly complex and dynamic phenomena. Due to the multi-faceted nature of welfare, assistance programs targeted at alleviating hardship can face challenges, as they often rely on simpler welfare measurements, such as income or wealth, that fail to capture to full complexity of each family's state. Here, we explore one important dimension – susceptibility to income shocks. We introduce a model of welfare that incorporates income, wealth, and income shocks and analyze this model to show that it can vary, at times substantially, from measures of welfare that only use income or wealth. We then study the algorithmic problem of optimally allocating subsidies in the presence of income shocks. We consider two well-studied objectives: the first aims to minimize the expected number of agents that fall below a given welfare threshold (a min-sum objective) and the second aims to minimize the likelihood that the most vulnerable agent falls below this threshold (a min-max objective). We present optimal and near-optimal algorithms for various general settings. We close with a discussion on future directions on allocating societal resources and ethical implications of related approaches. 

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5. Top Wealth in America: New Estimates Under Heterogeneous Returns

   https://doi.org/10.1093/qje/qjac033  

   Smith, Matthew; Zidar, Owen; Zwick, Eric (August 2022, The Quarterly Journal of Economics)

   Abstract This article uses administrative tax data to estimate top wealth in the United States. We assemble new data that link people to their sources of capital income and develop new methods to estimate the degree of return heterogeneity within asset classes. Disaggregated fixed-income data reveal that rich individuals earn much more of their interest income in higher-yielding forms and have much greater exposure to credit risk. Consequently, in recent years, the interest rate on fixed income at the top is approximately 3.5 times higher than the average. We value the population of U.S. firms using firm-level characteristics and apportion this wealth using firm-owner links. We combine this new data on fixed income and pass-through business returns with refined estimates of C-corporation equity, housing, and pension wealth to deliver new capitalized wealth estimates that build upon the methods of Saez and Zucman (2016a). From 1989 to 2016, the top 1%, 0.1%, and 0.01% wealth shares increased by 6.6, 4.6, and 2.9 percentage points, respectively, to 33.7%, 15.7%, and 7.1%. Overall, although we estimate a large degree of return heterogeneity, accounting for this heterogeneity does not change the fundamental story for top wealth shares and their growth—wealth inequality is high and has risen substantially over recent decades. 

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