Yes, r > g. So What?

N. Gregory Mankiw

American Economic Review, 2015, vol. 105, issue 5, 43-47

Abstract: Piketty argues that r > g is the "the central contradiction of capitalism" and that it will lead to an "endless inegalitarian spiral." As a result, he argues for a new global tax on capital. In this brief essay, I explain why I am not persuaded by either his prediction or his prescription.

JEL-codes: E22 E23 E25 H87 O41 P16 (search for similar items in EconPapers)
Date: 2015
Note: DOI: 10.1257/aer.p20151059
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Citations: View citations in EconPapers (52)

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