Willkommen in Schumpeters Hotel: Zur Dynamik der Vermögensverteilung / Welcome to Schumpeter's hotel – On the dynamics of the distribution of wealth

Beck Hanno and Prinz Aloys

ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, 2014, vol. 65, issue 1, 263-278

Abstract: Books on economic topics are seemingly successful when they hit the zeitgeist and striking as possible meet the desires and prejudices of the audience. As the investigation of Piketty’s book about the “Capital in the 21st Century” shows, he hits the nerve of the times, but without being able to convince analytically. Data of the static-descriptive national accounts, combined with elementary macroeconomic growth theory, are not appropriate to draw far-reaching conclusions about the dynamics of the wealth distribution, even if the data encompass long time series of the past. Both economic theories and other available data support very different views on the dynamics of the wealth distribution, contradicting Piketty’s theses. Hence, it can be assumed that Schumpeter’s ‘creative destruction’ can continue to legitimize the unequal distribution of wealth, without a ‘patrimonial capitalism’ (Piketty) arises. Schumpeter's ‘capitalist Hotel’ (Atkinson) remains functional.

Date: 2014
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DOI: 10.1515/ordo-2014-0113

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