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What understanding of capital for tomorrow?

Author

Listed:
  • Gaël Giraud

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper discusses the thesis put forward by Piketty (2014a) stressing the risk of an explosion of wealth inequality because capital accumulates faster than labor income in several countries, especially in the U.US. Although the overall empirical conclusion on the rise of inequalities is indisputable, I point out that the economic modeling underlying this approach exhibits several important shortcomings. Moreover, there are more effective policy recommendations to fight against inequality than the one highlighted in the book —namely, a world-wide global tax on capital.

Suggested Citation

  • Gaël Giraud, 2014. "What understanding of capital for tomorrow?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01151593, HAL.
    • Handle: RePEc:hal:cesptp:halshs-01151593
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01151593
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    References listed on IDEAS

    as
    1. Gaël Giraud & Cécile Renouard & Hélène L'Huillier & Raphaële de La Martinière & Camille Sutter, 2012. "Relational Capability: A Multidimensional Approach," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00827690, HAL.
    2. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    3. Gaël Giraud & Zeynep Kahraman, 2014. "How Dependent is Growth from Primary Energy? The Dependency ratio of Energy in 33 Countries (1970-2011)," Post-Print halshs-01151590, HAL.
    4. Mr. Michael Kumhof & Mr. Jaromir Benes, 2012. "The Chicago Plan Revisited," IMF Working Papers 2012/202, International Monetary Fund.
    5. Stephen Knack & Philip Keefer, 1997. "Does Social Capital Have an Economic Payoff? A Cross-Country Investigation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(4), pages 1251-1288.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    capitalism; inequality; capital tax; capital; capitalisme; inégalité; Kaldor; Solow; taxe sur le capital;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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