WEALTH AND INEQUALITY IN EIGHT CENTURIES OF BRITISH CAPITALISM

Jakob Madsen

No 20-16, Monash Economics Working Papers from Monash University, Department of Economics

Abstract: This paper constructs annual data for the aggregate wealth-income ratio, W-Y, saving, s, and growth, g, for Britain over the period 1210-2013 and tests Piketty’s central hypothesis that the W-Y ratio is governed by the s-g ratio in the long run. Furthermore, Piketty’s model is extended by the share of non-reproducibles in total wealth to explain the W-Y ratio during different eras of capitalism – pre-industrialization, industrialization and the knowledge economy. It is shown that savings, growth and the share of non-reproducibles in total wealth have been the fundamental drivers of the W-Y ratio over the past eight centuries

Keywords: W-Y ratio; inequality; non-reproducibles versus reproducibles factors of production (search for similar items in EconPapers)
JEL-codes: E1 E2 O4 P1 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2016-11
New Economics Papers: this item is included in nep-gro, nep-his and nep-mac
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Citations: View citations in EconPapers (3)

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