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Thomas Piketty, the Future of Capitalism and the Theory of Distribution: A Review Essay

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  • Tony Aspromourgos

Abstract

This essay reviews Thomas Piketty's Capital in the Twenty-First Century. The focus is upon the conceptual framework and theoretical interpretation of the empirical findings assembled in the book, rather than those empirical findings themselves (which are, in any case, broadly incontestable). The core theoretical logic of the distributional dynamics is explained and subjected to scrutiny with respect to the theory of distribution in particular, but also the theory of growth.

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  • Tony Aspromourgos, 2015. "Thomas Piketty, the Future of Capitalism and the Theory of Distribution: A Review Essay," Metroeconomica, Wiley Blackwell, vol. 66(2), pages 284-305, May.
    • Handle: RePEc:bla:metroe:v:66:y:2015:i:2:p:284-305
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    File URL: http://hdl.handle.net/10.1111/meca.12071
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    References listed on IDEAS

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    1. Thomas Piketty & Emmanuel Saez & Stefanie Stantcheva, 2014. "Optimal Taxation of Top Labor Incomes: A Tale of Three Elasticities," American Economic Journal: Economic Policy, American Economic Association, vol. 6(1), pages 230-271, February.
    2. Tony Aspromourgos, 2011. "Can (And Should) Monetary Policy Pursue A Zero Real Interest Rate, Permanently?," Metroeconomica, Wiley Blackwell, vol. 62(4), pages 635-655, November.
    3. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676.
    4. Antonella Stirati, 2001. "Inflation, Unemployment and Hysteresis: An alternative view," Review of Political Economy, Taylor & Francis Journals, vol. 13(4), pages 427-451.
    5. repec:hal:pseose:halshs-00944873 is not listed on IDEAS
    6. Mr. Jonathan David Ostry & Mr. Andrew Berg & Mr. Charalambos G Tsangarides, 2014. "Redistribution, Inequality, and Growth," IMF Staff Discussion Notes 2014/002, International Monetary Fund.
    7. Tony Aspromourgos, 2014. "Entrepreneurship, risk and income distribution in Adam Smith," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(1), pages 21-40, February.
    8. Sergio Cesaratto & Franklin Serrano & Antonella Stirati, 2003. "Technical Change, Effective Demand and Employment," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 33-52.
    9. Jonathan David Ostry & Andrew Berg & Charalambos G Tsangarides, 2014. "Redistribution, Inequality, and Growth," IMF Staff Discussion Notes 14/02, International Monetary Fund.
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    Citations

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    Cited by:

    1. Tony Aspromourgos, 2019. "The Past and Future of Keynesian Economics: A Review Essay," History of Economics Review, Taylor & Francis Journals, vol. 72(1), pages 59-78, January.
    2. Späth Jochen & Schmid Kai Daniel, 2018. "The Distribution of Household Savings in Germany," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 238(1), pages 3-32, February.
    3. Kotz, David M. & McDonough, Terrence & McMahon, Can, 2019. "Reading Capital in the Twenty-First Century: Thomas Piketty and political economy [Lire Le Capital au xxie siècle : Thomas Piketty et l’économie politique]," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 26.
    4. Emiliano Brancaccio & Raffaele Giammetti & Milena Lopreite & Michelangelo Puliga, 2023. "Convergence in solvency and capital centralization: A B‐VAR analysis for high‐income and euro area countries," Metroeconomica, Wiley Blackwell, vol. 74(1), pages 40-73, February.
    5. Stirati, Antonella, 2016. "Piketty and the increasing concentration of wealth: some implications of alternative theories of dis-tribution and growth," Centro Sraffa Working Papers CSWP18, Centro di Ricerche e Documentazione "Piero Sraffa".

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    More about this item

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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