occupational choice and the process of development this paper models economic development as a process of institutional transformation by focusing on the interplay between agents occupational decisions and the distribution of wealth because of capital market imperfections poor agents choose working for a wage over self employment and wealthy agents become entrepreneurs who monitor workers only with sufficient inequality however will there be employment contracts otherwise there is either subsistence or self employment thus in static equilibrium the occupational structure depends on distribution since the latter is itself endogenous we demonstrate the robustness of this result by extending the model dynamically and studying examples in which initial wealth distributions have long run effects in one case the economy develops either widespread cottage industry self employment or factory production employment contracts depending on the initial distribution in the other example it develops into prosperity or stagnation

tax fairness conceptual foundations and empirical measurement prior research shows taxpayers perceptions of fairness leads to greater cooperation and compliance with tax authorities yet our understanding of tax fairness has been hampered by its general reliance upon models and measures of fairness developed by organizational fairness research even though fairness is a perception subject to contextual influences accordingly we attempt to gain insight into the influence of contextual factors on fairness through the development of a theoretically based and empirically derived model of tax fairness grounded in organizational literature but empirically tested in the tax context our analysis shows the extent to which items and dimensions found in the organizational fairness literature reflect taxpayers perceptions of tax fairness most importantly our findings contribute to fairness research by identifying the role of relevant comparison groups in affecting perceptions of fairness and thereby extends our understanding of the role of context in affecting fairness perceptions furthermore by identifying the dimensions and items incorporated in perceptions of tax fairness our study provides a foundation for tax researchers and policy makers to determine how best to promote voluntary taxpayers compliance and in so doing mitigate tax avoidance and tax evasion

the association between vertical equity and presidential voting behavior and taxpayers compliance since taking office the president of the united states has consistently refused to make his tax returns available for public scrutiny in so doing he has broken with presidential tradition and kept people guessing about what his tax returns would show if they were disclosed interestingly enough in the absence of concrete knowledge about the president s tax circumstances some taxpayers perceive that he did not pay his fair share and others perceive that he did this situation presents an opportunity for us to consider how vertical equity perceptions about the president s fair share of taxes and identification with the president via voting behavior are jointly associated with taxpayers compliance using insights from equity theory as reported in adams in berkowitz ed advances in experimental social psychology academic press new york 1965 and social learning theory as reported in bandura social learning theory general learning press new york 1971 social learning theory prentice hall englewood cliffs 1977 we anticipate and find that those taxpayers who perceive that the president did not pay his fair share of taxes and who most closely socially identify with him have the lowest tax compliance we use a survey of 600 american taxpayers to capture their perceptions of vertical equity voting behavior and tax compliance intentions our results may reflect that taxpayers who identify with the president will tend to model his tax related actions or may also indicate that some taxpayers vote for a president whose actions are similar to their own insights and implications for ethics and tax researchers and tax policy makers are discussed

will the locals benefit the effect of wind power investments on rural wages abstract an important and poorly understood question when communities consider wind power investments is whether the local population will benefit financially i examine the effect of wind power investment on wages in rural counties in the us i combine quarterly panel data on wages with data on all wind power plant investments larger than 1 megawatt mw using a bayesian multilevel model estimated by mcmc i estimate a significant positive effect with a magnitude consistent with a 2 permanent increase in wages following an investment in a large wind farm of 400 mw however this effect has large geographic and socioeconomic variation counties with low employment tend to see little impact on wages from wind power potentially because slack in the labor market prevents wages from rising from a policy perspective these results are most relevant for local regulators and planners who seek to balance the benefits and costs of wind farms to the community this research indicates that wind farms can provide on average a modest boost to local wages with some areas seeing an out sized effect

tax evasion and heuristics a research note abstract the paper examines the heuristics which taxpayers use in making tax evasion decisions the following propositions are tested in an experiment using students first the taxpaper s own level of evasion will be positively related to what he perceives as the levels of evasion by others second taxpayers who have been audited are more likely to assess the probability of audit as higher and therefore decrease their levels of evasion the experimental results fail to support the first proposition but do support the second suggesting the presence of an availability effect

information aggregation through costly political action information about various policy alternatives is dispersed among the individual members of a society prior to a vote over the alternatives some people take costly political action to signal their private information to voters by informing voting decisions political action has potential to decrease the likelihood that voters cast mistaken votes perhaps surprisingly preelection communication may be counterproductive the dispersed information is partially aggregated by the vote and political action may contribute noise to the voting process in some cases the voting mechanism is more likely to implement the full information voting outcome in the absence of preelection political action copyright 1994 by american economic association

a comprehensive ex post assessment of res deployment in italy jobs value added and import leakages abstract taking a retrospective look at italy s experience over the period 2006 2014 this paper investigates to what extent the deployment of renewable energy sources res contributed to value added and employment in the economy from the methodological point of view our study combines an input output approach with a comprehensive bottom up analytical model in which detailed product information from external trade statistics is used to account for imports although during the period under consideration italy experienced an expansion in res capacity that went beyond the rosiest expectations it appears that the resulting demand for plant components was met to a very significant extent by imports we find that the contribution to sectoral value added and employment was not as large as envisioned by ex ante analyses in net terms the resources absorbed by res plants in the construction installation and manufacturing phase seem to have made a smaller contribution to the domestic economy than they would have in several counterfactual scenarios the opposite is true for the resources used in the subsequent operation and management phase finally our results suggest that variation in domestic content of manufactured products may limit the portability of res employment and value added factor estimates across countries

do you need a receipt exploring consumer participation in consumption tax evasion as an ethical dilemma the paper focuses on the consumer side of consumption tax evasion cte a subcategory of the shadow economy the ethical dimensions of tax evasion have been effectively captured by the existent literature on tax morale yet it fails to address the role consumers can play in cte further there is a shortage of tax morale studies that explore ethical decision making as a process composed of multiple steps and determinants to bridge these gaps we turned to the consumer ethics literature and jones issue contingent model of ethical decision making we developed the conceptual model of consumer ethical decision making for cte by incorporating four key elements from the issue contingent model i e moral recognition moral judgement moral intention and moral intensity while personal moral philosophies were introduced as an antecedent to the consumer ethical decision making process the study was conducted on a sample of consumers from slovenia where cte is a widespread phenomenon the findings confirm that consumers recognition of cte as a moral issue is influenced by their moral philosophy and perceptions regarding the magnitude of cte s consequences their visibility probability and temporal immediacy these perceptions also play an important role in determining consumers moral judgements and intentions regarding cte moreover through the process of moral recognition and moral judgement consumers form intentions to participate in or avoid cte the study holds important implications for public policy makers who are trying to reduce the tax gap in times of economic instability and fiscal crisis

income distribution and macroeconomics this paper analyzes the role of wealth distribution in macroeconomics through investment in human capital it is shown that in the presence of credit markets imperfections and indivisibilities in investment in human capital the initial distribution of wealth affects aggregate output and investment both in the short and in the long run as there are multiple steady states this paper therefore provides an additional explanation for the persistent differences in per capita output across countries furthermore the paper shows that cross country differences in macroeconomic adjustment to aggregate shocks can be attributed among other factors to differences in wealth and income distribution across countries

inefficient lobbying populism and oligarchy this paper analyses the efficiency consequences of lobbying in a production economy with imperfect commitment we first show that the pareto efficiency result found for truthful equilibria of common agency games in static exchange economies no longer holds under these more general conditions we construct a model of pressure groups where the set of efficient truthful common agency equilibria has measure zero second we show that under fairly general assumptions the equilibrium will be biased against the group with the highest productivity of private capital reflecting the fact that on the margin less productive groups find lobbying relatively more rewarding finally as an application if lobbies representing the poor and the rich have identical organizational capacities we show that the equilibrium is biased towards the poor who have a comparative advantage in politics rather than in production if the pressure groups differ in their organizational capacity both pro rich oligarchic and pro poor populist equilibria may arise all of which are inefficient with respect to the constrained optimum

the challenges of determining the employment effects of renewable energy abstract the benefits of promoting renewable energy are regularly claimed to be energy security climate change mitigation and job creation while the first two benefits are generally accepted the impact of renewable energy on employment is still disputed this paper presents a discussion of the various factors that influence the analysis of renewable energy and its impact on employment the advantages and disadvantages of input output methods and analysis methods are discussed as well as the issues surrounding the measurement of job creation a critical evaluation of the literature reveals factors that should be considered when completing a study about renewable energy and employment labour intensity of renewables cost increases and availability of investments counting job losses job quality and skills model assumptions and sources of information analytical studies using extensive surveys were found to be more appropriate for regional studies while input output methods were better suited to national and international studies

energy based economic development abstract the fields of economic development and energy policy and planning have converged in recent years to form an emerging discipline which we term energy based economic development ebed despite the significant amount of stimulus funds as well as state and local funding that are being allocated to ebed initiatives in the united states the emerging discipline has received scant attention in the energy policy and development literature the link between energy and economic development in the literature is still theoretical mostly focused on the need for and the potential benefits of ebed and rarely applied furthermore funding for ebed has outpaced understanding of the discipline development of rigorous technical approaches and meaningful ways to measure impact such information would not only help practitioners and policymakers more thoroughly understand the confines of the discipline and shape goals and approaches accordingly but also help researchers identify track and evaluate a variety of activities in the field with national and international attention focused on the convergence of these fields researchers and practitioners have a rare opportunity to develop and implement the tools necessary to evaluate and communicate the potentially broader impacts that ebed may hold for society if ways to leverage and sustain the injection of funds in this discipline are not identified the opportunity may end before we can achieve either energy policy or economic development goals in an attempt to respond to this need this analysis explores the connection between energy and economic development beginning with a review of the trends in each field and the goals that each seeks to achieve on the basis of this information we define the discipline of ebed review the existing literature on it and offer insights and perspectives on its emergence

a novel approach for analyzing the effectiveness of the r d capital for resource conservation comparative study on germany and uk electricity sectors abstract limited access to energy resources and increasing demand for mitigation of the environmental impacts have necessitated higher production efficiencies therefore the promotion of r d activities has been one of the main parts of national energy policies in this research work two methods are used for assessing the effectiveness of the r d capital on resource conservation first by developing the resource included knowledge production function of the energy sector and second through direct assessment of the functionality of resource productivity from r d capital based on official data provided by national statistical centers a comparative analysis has been conducted to examine the effectiveness of r d in the electricity generation sectors in the united kingdom and germany in these analyses non renewable exergy cost is used as an index of resource depletion and environmental burden it is shown that due to non economic energy transition policies the inclusion of the r d investment does not result in statistically meaningful elasticity of production for the r d capital however according to the second method it is shown that the r d investment in the united kingdom has been more effective in resource conservation than in germany possible reasons for such differences are discussed and recommendations for further investigations are presented

axe the tax taxes are disliked more than equivalent costs abstract tax collection is critical for the proper functioning of society however many people strongly dislike paying taxes although this distaste could be rational on economic grounds the authors show that this attitude extends beyond simply disliking the costs incurred and affects behavior in counternormative ways they demonstrate the phenomenon of tax aversion a desire to avoid taxes per se that exceeds the rational economic motivation to avoid a monetary cost across five experiments the authors provide evidence that people have a stronger preference to avoid tax related costs than to avoid equal sized or larger monetary costs unrelated to taxes tax aversion affects consumer preferences in a variety of domains including standard store purchases financial investments and job selection furthermore this tendency is most prevalent among people who identify with political parties that generally favor less taxation finally encouraging participants who identify with antitax parties to cons

wind versus coal comparing the local economic impacts of energy resource development in appalachia abstract two energy development scenarios were compared for the coal river mountain in raleigh county west virginia 1 mountaintop mining mtm of coal and 2 wind energy plus underground mining of coal economic impact computations over the life of each energy development scenario were made on a county basis for output of goods and services the number of jobs created and local earnings externality costs were assigned monetary values for coal mining and subtracted from earnings premature mortality within the general population due to additional coal mining accounted for 96 of these external cost computations the results showed that economic output over the life of each scenario was twice as high for mtm mining as wind energy plus underground coal mining over the short term employment and earnings were higher for mtm mining but towards the end of the scenario cumulative employment and earnings became higher under scenario 2 when local externality costs were subtracted from local earnings mtm coal production had an overall negative net social impact on the citizens of raleigh county the external costs of mtm coal production provide an explanation of the existence of a resource curse and the conflicting results of output versus income provide insights into why coal producing counties are underdeveloped

distribution and growth in models of imperfect capital markets abstract a full analysis of the distribution of income should include both the inequality in income between different generations of the same family what is usually called intergenerational ocial mobility and the inequality in income between different families in the same generation becker tomes 1979 p 1154

inequality lobbying and resource allocation this paper describes how wealth inequality may distort public resource allocation a government seeks to allocate limited resources to productive sectors but sectoral productivity is privately known by agents with vested interests in those sectors they lobby the government for preferential treatment the government even if it honestly seeks to maximize economic efficiency may be confounded by the possibility that both high wealth and true economic desirability create loud lobbies broadly speaking both poorer economies and unequal economies display greater public misallocation the paper warns against the conventional wisdom that this is so because such governments are more corrupt jel d72 d78 d82 016 in this paper we propose a particular channel through which wealth inequality distorts the resource allocation process our analysis rests on four premises

impact of personal and situational factors on taxpayer compliance an experimental analysis this study used a laboratory experiment with monetary incentives to test the impact of three personal factors moral reasoning value orientation and risk preference and three situational factors the presence absence of audits tax inequity and peer reporting behavior while controlling for the impact of other demographic characteristics on tax compliance analysis of covariance ancova reveals that all the main effects analyzed are statistically significant and robustly influence tax compliance behavior these results highlight the importance of obtaining a proper understanding of these factors for developing effective policies for increasing the level of compliance and indicate that standard enforcement polices based on punishment alone should be supplemented by an information system that would acquaint tax payers with the compliance level of other tax payers reinforce the concept of fairness of the tax system among tax payers and develop programs that enhance and appeal to a taxpayer s moral conscience and reinforce social cohesion

employment trends in the u s electricity sector 2008 2012 abstract between 2008 2012 electricity generated gwh from coal the longtime dominant fuel for electric power in the us declined 24 while electricity generated from natural gas wind and solar grew by 39 154 and 400 respectively these shifts had major effects on domestic employment in those sectors of the coal natural gas wind and solar industries involved in operations and maintenance o m activities for electricity generation using an economic input output model we estimate that the coal industry lost more than 49 000 jobs 12 nationally over the five year period while in the natural gas solar and wind industries employment increased by nearly 175 000 jobs 21 we also combine published ratios for jobs per unit of fuel production and per megawatt of power plant capacity with site specific data on fuel production and power plant retirements additions and capacity changes to estimate and map direct job changes at the county level the maps show that job increases in the natural gas solar and wind industries generally did not occur where there were significant job losses in the coal industry particularly in west virginia and kentucky

the hidden winners of renewable energy promotion insights into sector specific wage differentials abstract in light of germany s energy system transformation this paper examines differences in employment structures and wage differentials between renewable energy establishments and their sector peers to do so we have developed a novel data set by linking company level information from the german renewable energy federation with administrative establishment level data from the institute for employment research descriptive evidence shows significant differences in wages and several other characteristics between renewable energy establishments and their sector peers our estimates give evidence that human capital and other establishment level characteristics mostly explain the wage differential among manufacturers and energy providers however we find a persistent renewable energy wage premium of more than ten percent in construction installation activities and architectural engineering services we interpret this premium as a positive indirect effect of the promotion of renewable energies for the benefit of employees in renewable energy establishments within these two sectors

tax evasion and capital gains taxation this paper uses time series data to investigate how changes in capital gains tax rates affect taxpayer compliance it finds that a one percent increase in the marginal tax rate reduces voluntary compliance by between one half and one percent these results confirm the findings of previous studies based on individual household data they also suggest that at least one quarter of the observed capital gain realization response to changes in marginal tax rates is due to changes in reporting behavior rather than portfolio behavior this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item this abstract was borrowed from another version of this item

financial development growth and the distribution of income a paradigm is presented in which both the extent of financial intermediation and the rate of economic growth are endogenously determined financial intermediation promotes growth because it allows a higher rate of return to be earned on capital and growth in turn provides the means to implement costly financial structures thus financial intermediation and economic growth are inextricably linked in accord with the goldsmith mckinnon shaw view on economic development the model also generates a development cycle reminiscent of the kuznet hypothesis in particular in the transition from a primitive slow growing economy to a developed fast growing one a nation passes through a stage in which the distribution of wealth across the rich and poor widens

green jobs economic impacts of renewable energy in germany abstract the labor market implications of large investment into renewable energy re are analyzed in this text although a growing re industry can be observed in germany the overall effect of large increases of re based electricity and heat generating technologies on the german economy require a careful model based analysis the applied model panta rhei has been used among others to evaluate the german energy concept in 2010 it takes positive and negative impacts of re into account the paper shows the overall effects under different assumptions for fossil fuel prices domestic installations and international trade the results are sensitive to assumptions on the development of re world markets and german exports to these markets almost all of these scenarios exhibit positive net employment effects under medium assumptions net employment of re expansion will reach around 150 thousand in 2030 only with assumptions for german re exports below today s level net impacts are slightly negative gross employment will increase from 340 thousand in 2009 to between 500 and 600 thousand in 2030

a theory of misgovernance this paper tries to explain why government bureaucracies are often associated with red tape corruption and lack of incentives the paper identifies two specific ingredients that together can provide an explanation the fact that governments often act precisely in situations where markets fail and the presence of agency problems within the government we show that these problems are exacerbated at low levels of development and in bureaucracies dealing with poor people we also argue that we need to posit the existence of a welfare oriented constituency within the government in order to explain red tape and corruption

the effects of a natural gas boom on employment and income in colorado texas and wyoming improvements in technology have made it profitable to tap unconventional gas reservoirs in relatively impermeable shale and sandstone deposits which are spread throughout the u s mostly in rural areas proponents of gas drilling point to the activity s local economic benefits yet no empirical studies have systematically documented the magnitude or distribution of economic gains i estimate these gains for counties in colorado texas and wyoming three states where natural gas production expanded substantially since the late 1990s i find that a large increase in the value of gas production caused modest increases in employment wage and salary income and median household income the results suggest that each million dollars in gas production created 2 35 jobs in the county of production which led to an annualized increase in employment that was 1 5 of the pre boom level for the average gas boom county comparisons show that ex ante estimates of the number of jobs created by developing the fayetteville and marcellus shale gas formations may have been too large

economic underdevelopment the case of a missing market for human capital abstract this paper demonstrates that the coexistence of developed and underdeveloped countries can be a stationary equilibrium in a world economy with free trade in consumption goods and physical capital an underdeveloped country is characterized by a high ratio of unskilled workers in the labor force a small stock of physical capital a low gross national product a high rate of return on human capital and a corresponding large wage differential between skilled and unskilled workers the critical assumptions are that future labor earnings cannot serve as collateral on a loan and indivisibilities in education

contextual and individual dimensions of taxpayer decision making we examine whether a taxpayer s decision to choose a taxpayer favorable vs a taxpayer unfavorable characterization of income is associated with contextual and individual dimensions of that decision using a 2 2 factorial experimental design we manipulate the prevailing social norm on whether there is a general belief that a specific form of income should be characterized as a capital gain taxed at a lower tax rate and hence taxpayer favorable or as ordinary income taxed at a higher tax rate and hence taxpayer unfavorable and the group affiliation on whether the individual is making a tax characterization decision as a sole proprietor or as a member of a group practice moreover we measure participants fairness perception of characterizing the income as capital gains versus ordinary we study the decisions of 180 graduate business and accounting students from two us business schools to explore these dimensions using a tax ambiguous income situation results indicate that both contextual and individual dimensions impact taxpayer decisions specifically the social norm and fairness perception of characterizing income as capital gains affects the likelihood of choosing such a characterization being a sole proprietor or a member of a group practice does not have any significant main effect however relative to all other conditions taxpayers are most likely to characterize income as capital gains when both the social norms are for capital gains characterization and when the taxpayer is a member of a group practice results remain largely robust to a variety of alternative explanations we conclude the paper with a discussion of our findings and their implications for tax policy enforcement and research

examining risk preferences under high monetary incentives experimental evidence from the people s republic of china several experimental sessions were conducted to elicit certainty equivalents for a sequence of lotteries involving real monetary outcomes the opportunity to conduct sessions in the people s republic of china afforded the ability to offer very large monetary incentives relative to subjects living costs in the highest payoff condition subjects earned three times their normal monthly revenue in the course of a two hour experiment results indicate a statistically significant impact of the level of monetary incentives on revealed risk preferences however even under extreme monetary incentives subjects demanded amounts well in excess of expected value for low probability gain prospects copyright 1992 by american economic association

entrepreneurial talent occupational choice and trickle up policies we study market inefficiencies and policy remedies when agents choose their occupations and entrepreneurial talent is subject to private information untalented entrepreneurs depress the returns to entrepreneurship because of adverse selection the severity of this problem depends on the outside option of entrepreneurs which is working for wages this links credit product and labor markets a rise in wages reduces the adverse selection problem these multimarket interactions amplify productivity shocks and may generate multiple equilibria if it is impossible to screen entrepreneurs then all agents unanimously support a tax on entrepreneurs that drives out the less talented ones however if screening is possible e g if wealthy entrepreneurs can provide collateral for their loans then wealthy entrepreneurs do not support surplus enhancing taxes

a theory of trickle down growth and development this paper develops a model of growth and income inequalities in the presence of imperfect capital markets and it analyses the trickle down effect of capital accumulation moral hazard with limited wealth constraints on the part of the borrowers is the source of both capital market imperfections and the emergence of persistent income inequalities three main conclusions are obtained from this model first when the rate of capital accumulation is sufficiently high the economy converges to a unique invariant wealth distribution second even though the trickle down mechanism can lead to a unique steady state distribution under laissez faire there is room for government intervention in particular redistribution of wealth from rich lenders to poor and middle class borrowers improves the production efficiency of the economy both because it brings about greater equality of opportunity and also because it accelerates the trickle down process third the process of capital accumulation initially has the effect of widening inequalities but in later stages it reduces them in other words this model can generate a kuznets curve

the dynamics of the wealth distribution and the interest rate with credit rationing are uniquely determined and wealth dispersion among individuals or firms is irrelevant introducing credit rationing into the solow model modifies these conclusions multiple stationary interest rates and wealth distributions can exist because higher initial rates can be self reinforcing through higher credit rationing and lower capital accumulation the wealth accumulation process is ergodic in every steady state but wealth mobility is lower with higher steady state interest rates aggregate output is higher in steady states with lower interest rates because credit is better allocated short run interest rate or distribution shocks can be self sustaining and can have long run effects on output through the induced dynamics of the wealth distribution and credit rationing

do ethics matter tax compliance and morality in this article we argue that puzzle of tax compliance can be explained at least in part by recognizing the typically neglected role of ethics in individual behavior that is individuals do not always behave as the selfish rational self interested individuals portrayed in the standard neoclassical paradigm but rather are often motivated by many other factors that have as their main foundation some aspects of ethics we argue that it is not possible to understand fully an individual s compliance decisions without considering in some form these ethical dimensions specifically we argue here that there is much direct and indirect evidence that ethics differ across individuals and that these differences matter in significant ways for their compliance decisions we then put this in the larger context of the inability of the standard neoclassical paradigm to explain compliance of at least some individuals and we suggest several possible avenues by which theory can be expanded to incorporate ethics we conclude by arguing that a full house of compliance strategies is needed to combat tax evasion strategies that include the traditional enforcement paradigm suggested by and consistent with neoclassical theory a less traditional service paradigm that recognizes the important role of a kinder and gentler tax administration in encouraging compliance and importantly a new trust paradigm that is built on the foundation of ethics in which the tax administration must recognize that it can erode the ethics of taxpayers by its own decisions

wealth constraints lobbying and the efficiency of public allocation abstract in esteban and ray 1999 inequality public allocation and development mimeo we formalize a model in which individuals lobby before the government in order to benefit from some productivity enhancing government action infrastructures direct subsidies permissions in short the government honestly tries to allocate these permissions to the agents that will make the best use of them as revealed by the intensity of their lobbying if the marginal cost of resources varies with wealth the amount of information transmitted through lobbying will depend on the degree of inequality in this paper we summarize the main approach and examine the special case of equal wealth we show that the nature of signaling equilibria is critically affected by per capita wealth