| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25442 |
| 来源ID | Working Paper 25442 |
| Capitalists in the Twenty-First Century | |
| Matthew Smith; Danny Yagan; Owen M. Zidar; Eric Zwick | |
| 发表日期 | 2019-01-14 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | How important is human capital at the top of the U.S. income distribution? A primary source of top income is private “pass-through” business profit, which can include entrepreneurial labor income for tax reasons. This paper asks whether top pass-through profit mostly reflects human capital, defined as all inalienable factors embodied in business owners, rather than financial capital. Tax data linking 11 million firms to their owners show that top pass-through profit accrues to working-age owners of closely-held, mid-market firms in skill-intensive industries. Pass-through profit falls by three-quarters after owner retirement or premature death. Classifying three-quarters of pass-through profit as human capital income, we find that the typical top earner derives most of her income from human capital, not financial capital. Growth in pass-through profit is explained by both rising productivity and a rising share of value added accruing to owners. |
| 主题 | Microeconomics ; Market Structure and Distribution |
| URL | https://www.nber.org/papers/w25442 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583116 |
| 推荐引用方式 GB/T 7714 | Matthew Smith,Danny Yagan,Owen M. Zidar,et al. Capitalists in the Twenty-First Century. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25442.pdf（731KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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