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A Discussion of Thomas Piketty's Capital in the Twenty-First Century: Does More Capital Increase Inequality?

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Abstract

My aim in the second post of this series on Thomas Piketty's Capital in the Twenty-First Century is to talk about the economist's research accomplishment in reconstructing capital-output ratios for developed countries from the Industrial Revolution to the present and using them to explain why wealth inequality will rise in developed countries. I will then provide a critical discussion of his interpretation of the history of capital in the developed world. Finally, I'll end by discussing Piketty's main policy proposal: the global tax on capital.

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  • Maxim L. Pinkovskiy, 2015. "A Discussion of Thomas Piketty's Capital in the Twenty-First Century: Does More Capital Increase Inequality?," Liberty Street Economics 20150715, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:87046
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    Keywords

    Piketty; depreciation; capital-output ratio;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • N2 - Economic History - - Financial Markets and Institutions
    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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