Assessing Piketty’s laws of capitalism
Jakob Madsen (),
Antonio Minniti () and
Francesco Venturini ()
No 34-15, Monash Economics Working Papers from Monash University, Department of Economics
This paper tests Piketty's predictions that in the long run (i) the capital-income ratio, K-Y, is driven by the ratio between the rates of saving and income growth, s and g; and that (ii) the capital share of income responds to variations in the s-g ratio, along with the rate of return on capital, r. We assess the two predictions using both Piketty and Zucman's (2014) original data and a new long historical dataset covering 21 OECD countries. Our findings corroborate Piketty’s theory in the very long run (1870-2010), whilst evidence for the latest decades is less robust (1970-2010).
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