As measured by Gini coefficients, fractile inequalities, and tail power laws, wealth is distributed less equally across people than are labor earnings. We study how luck, attitudes that shape saving decisions, and growth rates of labor earnings balance each other in ways that simultaneously shape joint distributions across people of labor earnings, age, and wealth together with an equilibrium rate of return on savings that plays a pivotal role in balancing contending forces. Strong motives for people to save and for firms to demand capital raise an equilibrium interest rate enough to make wealth grow faster than labor earnings. That makes cross-sectional wealth more unevenly distributed and have a fatter tail than labor earnings, as in US data.

根据基尼系数、脆弱的不平等和尾部权力法则衡量，财富在人们之间的分配不如劳动力收入平均分配。我们研究了运气、影响储蓄决策的态度和劳动收入增长率如何相互平衡，同时影响劳动收入、年龄和财富的联合分布，以及发挥关键作用的均衡储蓄回报率平衡竞争力量的作用。人们储蓄和企业要求资本的强烈动机提高了足以使财富增长快于劳动收入增长的均衡利率。这使得横截面财富的分布更加不均衡，而且比劳动收入的尾部更肥大，就像美国的数据一样。