Divergent fortunes: growing wealth inequality and widening entrepreneurship by age. Issue 3 (3rd July 2019)
- Record Type:
- Journal Article
- Title:
- Divergent fortunes: growing wealth inequality and widening entrepreneurship by age. Issue 3 (3rd July 2019)
- Main Title:
- Divergent fortunes: growing wealth inequality and widening entrepreneurship by age
- Authors:
- Weller, Christian E.
Wenger, Jeffrey B. - Abstract:
- ABSTRACT: Entrepreneurship can offer people control over their working lives. Yet, it has declined among households younger than 50 years and grown among older households. We examine the relationship between growing wealth inequality and this widening entrepreneurial age disparities by focusing on wealth as a source of income diversification. Our main hypothesis is that younger households have less capital income from wealth holdings leading to less diversification as compared to older households. Using descriptive statistics and multinomial logistic regressions based on data from the Federal Reserve's triennial Survey of Consumer Finances (SCF), we conclude that the gap in households' entrepreneurial responsiveness to income diversification has widened by age. We also find that households' capital income receipt follows from wealth such that rising wealth inequality may have impeded income diversification and reduced entrepreneurship among households with less wealth, especially younger ones. We rule out three alternative explanations: increasing economic pressures from labor market instability, tightening of liquidity constraints, and in declines in nonpecuniary rewards – for the divergent entrepreneurship trends.
- Is Part Of:
- Review of social economy. Volume 77:Issue 3(2019)
- Journal:
- Review of social economy
- Issue:
- Volume 77:Issue 3(2019)
- Issue Display:
- Volume 77, Issue 3 (2019)
- Year:
- 2019
- Volume:
- 77
- Issue:
- 3
- Issue Sort Value:
- 2019-0077-0003-0000
- Page Start:
- 326
- Page End:
- 360
- Publication Date:
- 2019-07-03
- Subjects:
- Wealth inequality -- entrepreneurship -- employment risk
Economics -- Periodicals
Economics -- Moral and ethical aspects -- Periodicals
Social justice -- Periodicals
330.5 - Journal URLs:
- http://www.tandf.co.uk/journals/titles/00346764.asp ↗
http://www.tandfonline.com/ ↗ - DOI:
- 10.1080/00346764.2019.1618481 ↗
- Languages:
- English
- ISSNs:
- 0034-6764
- Deposit Type:
- Legaldeposit
- View Content:
- Available online (eLD content is only available in our Reading Rooms) ↗
- Physical Locations:
- British Library DSC - 7796.910000
British Library DSC - BLDSS-3PM
British Library HMNTS - ELD Digital store - Ingest File:
- 11243.xml