Macro Perspectives on Income Inequality
重新审视收入测量的基础概念，指出标准定义的局限性，并从福利角度提出Hicksian收入作为理想衡量。随后分析顶层收入不平等加剧的驱动因素，重点关注创业收入激增背后的技术、金融和财政三大力量。
Inequality has become a defining challenge for modern economies and a central focus of economic research over the past two decades. I begin by revisiting the foundations of income measurement, showing that standard definitions — taxable income, factor income, and Haig-Simons income — suffer from important conceptual limitations. I contrast these income measures with the ideal notion of income from a welfare perspective — Hicksian income — which captures an individual’s ability to consume or save for future consumption. I then examine the drivers of rising top income inequality, with particular attention to the surge in entrepreneurial incomes. I highlight three key forces behind this phenomenon: higher returns on capital (technological factors), lower external financing costs (financial factors), and a lighter tax burden on business owners (fiscal factors).