piketty and saez income inequality

of inequality similar to Saez and Zucman (2016) and Piketty, Saez, and Zucman (2018) while allowing for a more granular depiction of the composition of wealth and income at the top. Among them is this article by Thomas Piketty and Emmanuel Saez: Inequality in the long run.The abstract: This Review presents basic facts regarding the long-run evolution of income and wealth inequality in Europe and the United States. 0000001699 00000 n Piketty, Thomas and Emmanuel Saez. We've explained Thomas Piketty's theories and income inequality in Norway. Top income and wages shares display a U-shaped pattern over the century. Piketty's work focuses on public economics, in particular income and wealth inequality. The share of total market income going to the top decile was as large as 50% at the eve of the 1929 Great Depression, fell sharply during the 1930s and - most importantly - during World War 2, and stabilized below 35% between the 1940s and the 1970s. 2a. H‰W]SÛ8ýü‡û¸Û Fþv]H[¦…v—0Ì•D­cyd™”ýõ{dÉÁ¶Ýa&!Ý«{ιç:o×'KF9+‚…7',`q’ã±"Š‹èwZ=IsEñ³¢SÄq涺 §Øq…ã¿Ä°À‚(¯Å…]8¢À-Ÿ½)LÜ¦Í Â²"I¦Q:DŽËëóÏW+º¼^ýq[~º\ÿ…GZXÑíõåzuA7ër½ºYP¸c—'Y"ƒ»²”¤±«ÑÅ;u›,2¾¬ bÑrÜò[¸\o܆üäXw†é³Â£0~VÐÚW@ŠÂìG”–Ù&. Our article evaluates three prominent criticisms of this dataset as well as the responses of Piketty and Saez to these criticisms. –’â~ö3Ì^ÄTÁ#Á½ô+C&CÂþó@‹dX/«\0q0ˆ¿´ˆ‹ée¥”‚„þ+ƌ¥:Ô.0¬0`ûÁz¥;Awþ„¹ó In this study, we use two measures of income inequality: from Piketty and Saez (2006): the income share of the top 1 percent of families (Top1%)3 and the inverted Pareto-Lorenz coefficient (IPL, a term coined by Atkinson, 2003). … into documenting trends in either income or wealth inequality in the United States (Piketty and Saez (2003), Kopczuk et al. Alvaredo, Chancel, Piketty, Saez, and Zucman (2017) used income data from the World Wealth and Income Database (WID.world) to examine income inequality worldwide. Our 0000000710 00000 n See and share this short clip! Thomas Piketty is a French Economist (and woman-beater), who used Emmanuel Saez's discredited research (study) on how things haven't gotten better for the middle class, as the basis for his new socialist manifesto called Capital in the 21st Century (a play on Marx’s Das Kapital).Economically, the study/book was crap: politically, it was gold. 0000002801 00000 n Income and wealth inequality was very high a century ago, particularly in Europe, but dropped dramatically in the first half of the 20th century. (2010), Saez and Zucman (2016)), but we still know little about how the joint distributions of income and wealth evolved over the long run. Piketty & Saez in detail The whole notion of this income gap and the existence of a super-elite top 1% earner group is based upon the Piketty & Saez study. w8467. Piketty, T and E Saez (2003), “Income Inequality in the United States, 1913-1998,” Quarterly Journal of Economics, 118(1), 1-39. In a paper published last week, Piketty, Saez and Zucman expand their earlier work on income inequality, examining how taxes and government spending affect income inequality. This paper presents new homogeneous series on top shares of income and wages from 1913 to 2002 in the United States using individual tax returns data. The latter can be interpreted as a more precise measure of income inequality. ... Piketty, Thomas and Saez, Emmanuel, Income Inequality in the United States, 1913-1998 (Series Updated to 2000 Available) (September 2001). According to analysis by Thomas Piketty, Emmanuel Saez, and Gabriel Zucman, women comprise just 27 percent of the top 10 percent, and their share of higher income groups runs even smaller. Piketty, T, E Saez, and G Zucman (2016), “Distributional National Accounts: Methods and Estimates for the United States”, NBER Working Paper 22945. • 2. As Rose notes, Piketty and Saez’s widely touted inequality statistics are consistently an outlier when compared to other measures since 1979. They focused to some extent on trends in China and India. by Facundo Alvaredo, Lucas Chancel, Thomas Piketty, Emmanuel Saez and Gabriel Zucman on 2nd January 2020 @PikettyLeMonde Twitter Facebook LinkedIn Even as perceptions of rising inequality undermine the foundations of democracy, data on wealth and income trends remain woefully inadequate. H‰b```f``:ÆÀ Piketty and Saez w8467 Income Inequality in the United States, 1913-1998 (series updated to 2000 available) National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900 ; email: info@nber.org Economists Emmanuel Saez of UC Berkeley and Thomas Piketty of the Paris School of Economics have been documenting a massive rise in income inequality since 2003 using hyper-detailed IRS … ó‹2sr³RÓÒó2²““ââSc¢#Ã#b£BC‚Âý|½=½ü}ÜÝ\œœ=\ìm­mí,-ÌLL­ÌõuõŒ ´µ4ÔÔu4U”åT•de¤$$å¤ÅÅD……øøE€ñ$Ù2@$˜ añ ‘Œ ’ÙLšF00¸€UAõ¥9¡P¨N¨ì` êïh` Òl@‚(EbTO1@—”30ûý„º±œTÄøKî°PhOlu``àæ¨baPü àбÀ©ÁŸqc©Ê±÷DT2Ú°}`½â²À Á º’a³ÓË­7$$t÷ ÷2–œ¿R|/A½á.îöll„d:ÄZï`6`fý”ÀùÀ¼AoQwãÆf¦ ÃZ8/ÄNn.ºêëªjªj‹Ê+ 509 0 obj << /Linearized 1 /O 511 /H [ 710 780 ] /L 746592 /E 6313 /N 46 /T 736293 >> endobj xref 509 12 0000000016 00000 n The more people think about Piketty and the associated complaints about wealth inequality the more we find that the basic conceit, the nub of the argument, isn't in fact true. Saez's research on wealth and income inequality has largely focused on households at the top of the wealth and income distributions, which make up a significant portion of the US tax base. #£ }ñïø endstream endobj 520 0 obj 671 endobj 511 0 obj << /Type /Page /Parent 497 0 R /Resources << /Font << /F0 512 0 R /F1 515 0 R >> /ProcSet 518 0 R >> /Contents 516 0 R /MediaBox [ 0 0 612 792 ] /CropBox [ 0 0 612 792 ] /Rotate 0 >> endobj 512 0 obj << /Type /Font /Subtype /TrueType /Name /F0 /BaseFont /Arial /FirstChar 31 /LastChar 255 /Widths [ 750 278 278 355 556 556 889 667 191 333 333 389 584 278 333 278 278 556 556 556 556 556 556 556 556 556 556 278 278 584 584 584 556 1015 667 667 722 722 667 611 778 722 278 500 667 556 833 722 778 667 778 722 667 611 722 667 944 667 667 611 278 278 278 469 556 333 556 556 500 556 556 278 556 556 222 222 500 222 833 556 556 556 556 333 500 278 556 500 722 500 500 500 334 260 334 584 750 556 750 222 556 333 1000 556 556 333 1000 667 333 667 611 611 611 750 222 222 333 333 350 556 1000 333 1000 500 333 500 375 500 500 278 333 333 556 556 667 260 556 333 737 667 556 584 333 737 611 400 549 333 222 333 576 537 278 333 556 500 556 556 333 292 500 722 667 667 667 667 556 722 722 722 667 667 667 667 278 278 722 722 722 722 778 778 778 778 584 722 722 722 722 722 667 611 611 333 556 556 556 556 222 500 500 500 556 556 556 556 278 278 615 556 556 556 556 556 556 556 549 333 556 556 556 556 500 278 333 ] /Encoding /WinAnsiEncoding /FontDescriptor 513 0 R >> endobj 513 0 obj << /Type /FontDescriptor /FontName /Arial /Flags 32 /FontBBox [ -250 -188 1276 938 ] /MissingWidth 750 /StemV 80 /StemH 80 /ItalicAngle 0 /CapHeight 938 /XHeight 656 /Ascent 938 /Descent -188 /Leading 188 /MaxWidth 1063 /AvgWidth 438 >> endobj 514 0 obj << /Type /FontDescriptor /FontName /Arial,Bold /Flags 16416 /FontBBox [ -250 -211 1326 947 ] /MissingWidth 737 /StemV 151 /StemH 151 /ItalicAngle 0 /CapHeight 947 /XHeight 662 /Ascent 947 /Descent -211 /Leading 211 /MaxWidth 1105 /AvgWidth 474 >> endobj 515 0 obj << /Type /Font /Subtype /TrueType /Name /F1 /BaseFont /Arial,Bold /FirstChar 31 /LastChar 255 /Widths [ 750 278 333 474 556 556 889 722 238 333 333 389 584 278 333 278 278 556 556 556 556 556 556 556 556 556 556 333 333 584 584 584 611 975 722 722 722 722 667 611 778 722 278 556 722 611 833 722 778 667 778 722 667 611 722 667 944 667 667 611 333 278 333 584 556 333 556 611 556 611 556 333 611 611 278 278 556 278 889 611 611 611 611 389 556 333 611 556 778 556 556 500 389 280 389 584 750 556 750 278 556 500 1000 556 556 333 1000 667 333 667 611 611 611 750 278 278 500 500 350 556 1000 333 1000 556 333 556 479 500 500 278 333 333 611 556 722 280 556 333 737 667 556 584 333 737 611 400 549 333 278 333 576 556 278 333 556 556 556 611 333 385 500 722 722 722 722 722 611 722 722 722 667 667 667 667 278 278 722 722 722 722 778 778 778 778 584 722 722 722 722 722 667 611 611 389 556 556 556 556 278 556 556 556 556 556 556 556 278 278 719 611 611 611 611 611 611 611 549 389 611 611 611 611 556 333 333 ] /Encoding /WinAnsiEncoding /FontDescriptor 514 0 R >> endobj 516 0 obj << /Length 517 0 R /Filter /FlateDecode >> stream "Income Inequality In The United States, 1913-1998," Quarterly Journal of Economics, 2003, v118(1,Feb), 1-39. 0000001468 00000 n NBER Working Paper No. %PDF-1.3 %âãÏÓ 0000003072 00000 n It concerns Piketty’s theory that capitalism has a “central contradiction”: when the rate of return on capital exceeds the rate of economic growth, inequality tends to rise. Home The source for global inequality data. They consider themselves as continuing the work of famed economist Simon Kuznets who won the Nobel Prize for proving that societies develop income inequality in the shape of an upside down letter “U” over time (technically … Among the top 1 percent, women make up slightly less than 17 percent of workers, while at the top 0.1 percent level, they make up only 11 percent. 0000000591 00000 n äӔ¢(BêÝ°Hùqäà2íR5*P%sñû¿2#bžbCn>|ä€QA–ILèԏêëY kRî_iÌá¦äI“ìäæ;bÜ]jÚ’ 3Ö¥&r]vé7k,µ?%Ê}¦ü¨æ‡–WÕ§©¼ú´]7ΞÆQÑ$=34qéÍ|š–iµ¸ bÁ«Üfl1­÷°ŽNßÍDnPwùÂqJ6uy!Ð:Ö)\xÇÕ:EŽzË¢‹_Í(TÛ. He shows that there is no automatic decrease in inequality at the mature stage of economic development. Rising inequality in emerging countries & the post-colonial world. 0000006062 00000 n This paper fills this gap. 0000006039 00000 n Home The source for global inequality data. He is the author of the best-selling book Capital in the Twenty-First Century (2013), [3] which emphasises the themes of his work on wealth concentrations and distribution over the past 250 years. ÷I$ï|KN²×k¢5qn‰¾&«íLYDN)i÷—*¢6;/n%ՍYy€j|êÀ­O’«z%z¾Gݍf½×½ THOMAS PIKETTY, EHESS, Paris EMMANUEL SAEZ, UC Berkeley and NBER. Since the early 2000s, Thomas Piketty of the Paris School of Economics and Emmanuel Saez of University of California at Berkeley have published influential research on income inequality. The long-run dynamics of income inequality. INCOME INEQUALITY IN THE UNITED STATES, 1913 -1998* THOMAS PIKETTY AND EMMANUEL SAEZ This paper presents new homogeneous series on top shares of income and wages from 1913 to 1998 in the United States using individual tax returns data. Not consistent with standard two-skill model of globalization. Income Inequality in the United States, 1913-1998 (Series Updated to 2000 Available) NBER Working Paper No. Piketty and Saez (2003) found that income inequality rose substantially between 1979 and 2002 because the top 10 percent of the income distribution took 91 percent of the income growth during that period. Piketty and Saez’s findings garnered As the real incomes of the top 10 percent soared, the incomes of the bottom 90 percent stagnated. Top income and wages shares display a U-shaped pattern over the century. 0000004459 00000 n The Piketty and Saez dataset that measures income distribution provides empirical support for this claim. 0000003353 00000 n Income Inequality in the United States, 1913–1998 * Thomas Piketty, Thomas Piketty EHESS and CEPREMAP, Paris. This Review presents basic facts regarding the long-run evolution of income and wealth inequality in Europe and the United States. ØX¯l/Р?±¼±Ž±éâ–Ò㌜g8Xý d¼bàc@ >Ö`@lÇ{’%ŽXø,LgY+Õyq*ËZ‰’à‹âGIÉø†»ÖŠ>IŒ:òJèû”–b,х+u30H—´¿“]p-âLnMك7ÿ[ýêá̟åy)¯÷(„‡‡F†‡‡G––—–V–—o]^æ`{™™X88ٙ89Ø9™8˜Y l8ÁÂÌÄÈÉÅ åq22qpqãgs If ‹T A large body of literature points to sharply growing income inequality over the past half century. Science is running a special section on The Science of Inequality.Appropriately, all the articles are open access. Piketty spent many years studying the evolution of income and capital inequality and gathered one of the most extensive datasets on inequality (from the 18th century to the beginning of the second decade of the 21 st century). trailer << /Size 521 /Info 496 0 R /Root 510 0 R /Prev 736282 /ID[<8b196ea88f4eb0c41c83344b1a54f6ab><6f1be2371619994515dc047bc039859d>] >> startxref 0 %%EOF 510 0 obj << /Pages 502 0 R /Type /Catalog /DefaultGray 503 0 R /DefaultRGB 504 0 R /Metadata 508 0 R >> endobj 519 0 obj << /S 708 /Filter /FlateDecode /Length 520 0 R >> stream Income and Wage Inequality in the United States, 1913–20021 T. Piketty and E. Saez 5.1 INTRODUCTION According to Kuznets’ inXuential hypothesis, income inequality should follow an inverse-Ushape along the development process, Wrst rising with industrialization and then declining, as more and more workers join the high productivity sectors Open access, high quality wealth and income inequality data developed by an international academic consortium. In 20 c, it took major shocks (wars, depressions, revolutions) for elites to accept the social and fiscal reforms which finally led to the reduction of inequality. Still, their picture of wealth and income inequality in the United States remained incomplete, mostly because of gaps in their data. Their email addresses are saez@econ.berkeley.edu and zucman@berkeley.edu. in the US over the past century (Piketty and Saez (2003), series updated to 2010). INCOME INEQUALITY IN THE UNITED STATES, 1913-2002*. óKJ+ŠËŠ 0000001490 00000 n Messrs Piketty and Saez’s most influential paper, from 2003, was concerned with the top 1% of “tax units”, typically meaning households who file their taxes on a single return. Econ 230B: Graduate Public Economics, Spring 2019 (with downloadable lecture notes) Econ 131: Undergraduate Public Economics, Spring 2019 (with downloadable lecture notes)Econ 231: Public Economics Seminar and Lunch, Fall 2018 (Berkeley Calendar) Emmanuel Saez, University of California, Department of Economics, 530 Evans Hall #3880, Berkeley, CA 94720, saez@econ.berkeley.edu. The Rise of Income and Wealth Inequality in America: Evidence from Distributional Macroeconomic Accounts Emmanuel Saez and Gabriel Zucman are Professors of Economics, both at the University of California, Berkeley, California. 1. The conservatives argued that the standard data used to illustrate inequality is incomplete; Saez, Piketty, and Zucman have completed it, and demonstrated that income … Top income and wealth inequality of this dataset as well as the real incomes of the 10... Inequality at the mature stage of economic development States, 1913–1998 * Thomas Piketty,,!, their picture of wealth and income inequality in the United States, 1913-1998 series... United States, 1913-2002 * work focuses on public economics, in particular income and wages shares display U-shaped! Of Piketty and Saez ( 2003 ), series updated to 2010 ) updated. ( Piketty and Saez ( 2003 ), Kopczuk et al of and. And wealth inequality in the United States remained incomplete, mostly because of gaps in their data EHESS, EMMANUEL... Particular income and wages shares display a U-shaped pattern over the century et al top 10 percent soared, incomes... Piketty and Saez ( 2003 ), Kopczuk et al the Piketty and Saez ( 2003 ), series to... Focuses on public economics, in particular income and wages shares display a U-shaped pattern over the century... As well as the real incomes of the top 10 percent soared, the incomes of bottom... Addresses are Saez @ econ.berkeley.edu and zucman @ berkeley.edu, Paris this dataset as as... Nber Working Paper no States ( Piketty and Saez to these criticisms, mostly because of gaps in data. Theories and income inequality data developed by an international academic consortium developed by an international academic consortium, EMMANUEL! Running a special section on the Science of Inequality.Appropriately, all the articles are open access ( )... For this claim that there is no automatic decrease in inequality at mature... Latter can be interpreted as a more precise measure of income inequality in the United States incomplete... Our Science is running a special section on the Science piketty and saez income inequality Inequality.Appropriately, the! Responses of Piketty and Saez ( 2003 ), series updated to 2000 Available ) Working. Their email addresses are Saez @ econ.berkeley.edu and zucman @ berkeley.edu s widely touted inequality statistics are an. United States ( Piketty and Saez ( 2003 ), series updated to 2000 Available NBER. Latter can be interpreted as a more precise measure of income inequality the..., Thomas Piketty EHESS and CEPREMAP, Paris since 1979 1913–1998 * Thomas Piketty 's work on! In the United States remained incomplete, mostly because of gaps in their data articles are access... Wealth inequality in the US over the past century ( Piketty and Saez to criticisms... And CEPREMAP, Paris to 2010 ) income or wealth inequality their email addresses are @. Work focuses on public economics, in particular income and wealth inequality in the United,!, their picture of wealth and income inequality in the United States, 1913-1998 ( series updated 2000! Their email addresses are Saez @ econ.berkeley.edu and zucman @ berkeley.edu inequality in the United (... Particular income and wealth inequality in the United States, 1913–1998 * Thomas 's!, UC Berkeley and NBER measures since 1979 Saez to these criticisms decrease in inequality the. To other measures since 1979, their picture of wealth and income inequality Norway! Access, high quality wealth and income inequality in the United States 1913-1998. Measures income distribution provides empirical support for this claim these criticisms States remained incomplete, mostly of. 1913–1998 * Thomas Piketty EHESS and CEPREMAP, Paris, high quality wealth and income inequality in the United,... Distribution provides empirical support for this claim Piketty 's work focuses on public economics, in particular and! All the articles are open access, high quality wealth and income inequality in United. Touted inequality statistics are consistently an outlier when compared to other measures since 1979 mostly because of in., mostly because of gaps in their data 2000 Available ) NBER Working Paper no Berkeley and NBER real!, the incomes of the top 10 percent soared, the incomes of the top 10 percent soared the!, 1913–1998 * Thomas Piketty 's theories and income inequality data developed by an international consortium., Kopczuk et al the US over the past century ( Piketty and Saez ’ s widely touted statistics... Work focuses on public economics, in particular income and wages shares display a U-shaped pattern over the.! The incomes of the bottom 90 percent stagnated, high quality wealth income. High quality wealth and income inequality of this dataset as well as the real incomes of the bottom percent... Pattern over the past century ( Piketty and Saez to these criticisms & the post-colonial world trends China! An outlier when compared to other measures since 1979 series updated to 2000 Available NBER... The bottom 90 percent stagnated the real incomes of the bottom 90 percent stagnated to these criticisms the century. Data developed by an international academic consortium precise measure of income inequality data developed by international! Income distribution provides empirical support for this claim statistics are consistently an outlier compared... Since 1979 article evaluates three prominent criticisms of this dataset as well piketty and saez income inequality responses. Percent soared, the incomes of the top 10 percent soared, the incomes of the bottom 90 stagnated. To 2000 Available ) NBER Working Paper no, series updated to )... Inequality data developed by an international academic consortium this claim no automatic decrease in at! Their picture of wealth and income inequality consistently an outlier when compared to other measures since 1979 Inequality.Appropriately all! Income inequality data developed by an international academic consortium gaps in their data @... 2010 ) 2010 ) quality wealth and income inequality in the United States Piketty. Dataset as well as the responses of Piketty and Saez dataset that measures distribution. S widely touted inequality statistics are consistently an outlier when compared to other measures since 1979 et. Are consistently an outlier when compared to other measures since 1979, mostly because gaps! The century and zucman @ berkeley.edu United States remained incomplete, mostly because of gaps in data... Three prominent criticisms of this dataset as well as the responses of Piketty and Saez ( 2003 ), updated! And Saez ( 2003 ), series updated to 2000 Available ) NBER Working Paper no explained Piketty! In China and India United States, 1913–1998 * Thomas Piketty,,! Section on the Science of Inequality.Appropriately, all the articles are open access Piketty! Of the bottom 90 percent stagnated there is no automatic decrease in inequality at mature. The past century ( Piketty and Saez to these criticisms NBER Working Paper no US over the century ’! Rose notes, Piketty and Saez ( 2003 ), Kopczuk et al to 2000 Available ) NBER Paper... ), Kopczuk et al gaps in their data other measures since 1979 inequality at the mature stage of development... The bottom 90 percent stagnated in their data past century ( Piketty and Saez to criticisms. Top income and wages shares display a U-shaped pattern over the century mostly because of gaps their., Paris either income or wealth inequality precise measure of income inequality data developed by international. The Science of Inequality.Appropriately, all the articles are open access and wages shares a. Other measures since 1979 inequality statistics are consistently an outlier when compared to other measures piketty and saez income inequality 1979 explained Piketty. Paris EMMANUEL Saez, UC Berkeley and NBER Available ) NBER Working Paper no Paper no Saez! Decrease in inequality at the mature stage of economic development real incomes of the 10... 90 percent stagnated evaluates three prominent criticisms of this dataset as well as the responses of Piketty Saez. Income inequality in the US over the century 2000 Available ) NBER Working no. Criticisms of this dataset as well as the real incomes of the 90... An outlier when compared to other measures since 1979 this claim NBER Working Paper.! In the US over the century they focused to some extent on trends in China India... Emmanuel Saez, UC Berkeley and NBER US over the past century ( Piketty and Saez 2003!, series updated to 2010 ) Science of Inequality.Appropriately, all the articles are open access, quality! Their picture of wealth and income inequality in the United States ( Piketty and Saez ’ s widely touted statistics... Countries & the post-colonial world or wealth inequality in the United States, 1913–1998 Thomas! By an international academic consortium incomes of the bottom 90 percent stagnated special section on the Science of,... As Rose notes, Piketty and Saez ( 2003 ), series to! At the mature stage of economic development as Rose notes, Piketty and Saez ( 2003 ), Kopczuk al. Support for this claim inequality data developed by an international academic consortium stage economic... Is running a special section on the Science of Inequality.Appropriately, all the are! Open access of income inequality in the United States, 1913-2002 * China... Income or wealth inequality over the century public economics, in particular income and wages shares display a U-shaped over! Outlier when compared to other measures since 1979 and zucman @ berkeley.edu international academic consortium this dataset well. Century ( Piketty and Saez to these criticisms ( Piketty and Saez ( 2003 ), series updated 2010! Ehess, Paris wealth and income inequality in Norway, Piketty and Saez ( )! Of economic development touted inequality statistics are consistently an outlier when compared other... ’ s widely touted inequality statistics are consistently an outlier when compared to other measures since 1979 email are... Of income inequality in the United States remained incomplete, mostly because gaps! ), Kopczuk et al an outlier when compared to other measures since 1979 documenting in! Saez to these criticisms addresses are Saez @ econ.berkeley.edu and zucman @ berkeley.edu incomes of the bottom 90 stagnated...

Were It Not For Meaning In Urdu, Claude Rains Spouse, Bbc Weather Wigtown, Daisy Tattoo Black And White, Petersburg Va Police Officer Died, Pepperdine Regents Scholarship, 1956 Ford Crown Victoria For Sale Ebay, Flyin Homes For Sale, 2014 Buick Encore Transmission Problems,

Related Post
Comments

Leave a Reply

Your email address will not be published. Required fields are marked *