What Piketty said in Capital in the Twenty-first Century and how economists reacted

Riccardo De Bonis

No 130, Mo.Fi.R. Working Papers from Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences

Abstract: This work rehearses the main themes of Piketty.s book and summarizes the debate it triggered. The paper dwells on the rise in the ratio of household wealth to GDP in the rich countries since the 1980s and the role played by the build-up of saving and variations in house and financial asset prices; on the various justifications put forward for the increasing income and wealth inequality that has accompanied the rise in the wealth/income ratio, especially in the US and Britain; on the relationship between the rate of return on capital and the economic growth rate; on the ties between rising income inequality and the financial crisis of 2007-08; on the feasibility of Piketty.s proposals for higher taxation of top incomes and a progressive global tax on net household wealth; and on the progress that has been made in the US and Europe in exchanging information on citizens. income and foreign assets.

Keywords: ratio household wealth/GDP; distribution of income and wealth; taxation; welfare State (search for similar items in EconPapers)
JEL-codes: C80 D14 D31 D91 E62 H26 (search for similar items in EconPapers)
Pages: 33
Date: 2016-11
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mac and nep-pbe
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Persistent link: https://EconPapers.repec.org/RePEc:anc:wmofir:130

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