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2005 7
0
Income Inequality, Government Expenditure and Economic
Growth : New Theory and Evidence
1
2005 7
ABSTRACT
This paper shows that in a modified simple model of endogenous growth, if the effects of
fixed government expenditure are taken into account, then higher income inequality
theoretically retards economic growth in the countries whose per capita GDP are lower than
1
1
the turning point income level and encourages growth in the countries whose per capita GDP
are higher than the turning point. In a calibrated version of the model, the paper shows that the
higher inequality leads to the higher turning point level. The empirical estimations based on a
panel of countries confirm
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