About Capital in the Twenty-First Century
American Economic Review
vol. 105,
no. 5, May 2015
(pp. 48-53)
Abstract
In this article, I present three key facts about income and wealth inequality in the long run emerging from my book, Capital in the Twenty-First Century, and seek to sharpen and refocus the discussion about those trends. In particular, I clarify the role played by r > g in my analysis of wealth inequality. I also discuss some of the implications for optimal taxation, and the relation between capital-income ratios and capital shares.Citation
Piketty, Thomas. 2015. "About Capital in the Twenty-First Century." American Economic Review, 105 (5): 48-53. DOI: 10.1257/aer.p20151060Additional Materials
JEL Classification
- D31 Personal Income, Wealth, and Their Distributions
- E22 Investment; Capital; Intangible Capital; Capacity
- E23 Macroeconomics: Production
- E25 Aggregate Factor Income Distribution
- H87 International Fiscal Issues; International Public Goods
- O41 One, Two, and Multisector Growth Models
- P16 Capitalist Systems: Political Economy