Wealth Distribution, Elasticity of Substitution, and Piketty: an anti-dual Pasinetti Economy

Luca Zamparelli

No 1/15, Working Papers from Sapienza University of Rome, DISS

Abstract: This paper examines the evolution of wealth distribution between workers and capitalists. It shows that under competitive conditions, and when factors elasticity of substitution is high enough to ensure endogenous growth, capitalists' share of total wealth asymptotically tends to one if they have a higher propensity to save than workers. It is also shown that a tax on capital income shifts wealth distribution in workers' favor and makes any level of wealth concentration feasible.

Keywords: Wealth distribution; elasticity of substitution; Pasinetti two-class equilibrium; Piketty (search for similar items in EconPapers)
JEL-codes: E12 E13 E25 (search for similar items in EconPapers)
Date: 2015-01
New Economics Papers: this item is included in nep-gro, nep-his, nep-hme and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Related works:
Journal Article: Wealth Distribution, Elasticity of Substitution and Piketty: An ‘Anti-Dual’ Pasinetti Economy (2017)
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