5. The Capital/Income Ratio over the Long Run. 6. The Capital-Labor Split in the Twenty-First Century. Part Three: The Structure of Inequality. 7. Editorial Reviews. Review. “It seems safe to say that Capital in the Twenty-First Century, the magnum opus of the French economist Thomas Piketty, will be the. Read "Capital in the Twenty-First Century" by Thomas Piketty available from Rakuten Kobo. Sign up today and get $5 off your first download. The main driver of.
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Get this from a library! Capital in the twenty-first century. [Thomas Piketty; Arthur Goldhammer] -- Piketty analyzes a unique collection of data from twenty. Thomas Piketty Capital In The Twenty First Century [ ][ A]. Topics the capital. Collectionopensource. LanguageEnglish. thomas. Identifier. The main driver of inequality--returns on capital that exceed the rate of economic growth--is again threatening to generate extreme discontent.
Capital draws on more than a decade of research by Piketty and a handful of other economists, detailing historical changes in the concentration of income and wealth. This pile of data allows Piketty to sketch out the evolution of inequality since the beginning of the industrial revolution.
In the 18th and 19th centuries western European society was highly unequal.
Private wealth dwarfed national income and was concentrated in the hands of the rich families who sat atop a relatively rigid class structure. This system persisted even as industrialisation slowly contributed to rising wages for workers.
Only the chaos of the first and second world wars and the Depression disrupted this pattern. High taxes, inflation, bankruptcies and the growth of sprawling welfare states caused wealth to shrink dramatically, and ushered in a period in which both income and wealth were distributed in relatively egalitarian fashion.
But the shocks of the early 20th century have faded and wealth is now reasserting itself. On many measures, Piketty reckons, the importance of wealth in modern economies is approaching levels last seen before the first world war.
From this history, Piketty derives a grand theory of capital and inequality. It is the most important study of inequality in over fifty years.
Product details Format Paperback pages Dimensions x x Review quote Thomas Piketty's Capital in the 21st Century is arguably the most important popular economics book in recent memory. It will take its place among other classics in the field that have survived changing theoretical and political fashions, such as its namesake by Karl Marx Das Kapital, or other ambitiously titled books such as John Maynard Keynes's The General Theory of Employment, Interest, and Money Anyone who wants to engage in an informed discussion about the economic landscape will have to read Piketty.
Piketty's Capital feels very much like a Category 4 hurricane that hasn't yet made landfall Piketty draws on a vast store of historical data to argue that the broad dissemination of wealth that occurred during the decades following World War I was not, as economists then mistakenly believed, a natural state of capitalist equilibrium, but rather a halcyon interval between Belle poque inequality and the rising inequality of our own era Piketty's most provocative argument is that the discrepancy between the high returns to capital and much more modest overall economic growth--briefly annulled during the mid-century--ensures that the gulf between the rich who profit from capital investments and the middle class who depend chiefly on income from labor will only continue to grow The best reason to raise tax rates is not to punish the rich, of course, but to raise the revenue which the United States needs to invest in infrastructure and research, not to mention to pay for Social Security and health care.
That investment gap poses a clear and present danger to American global economic leadership. Rising inequality exacerbates the problem by sapping the collective political will needed to address the problem.
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