A new National Academy of Sciences panel convened publicly for the first time this week to discuss how statistical agencies should unify and improve the measurement of inequality in income, wealth, and consumption in the United States. This consensus study will debate how these concepts should be measured, how to harmonize these connected concepts, to […]
Equitable Growth senior director Ed Paisley publishes a link to a response from The Brookings Institution’s Gary Burtless regarding a recent post by Equitable Growth research economist Marshall Steinbaum: “In the essay that Marshall Steinbaum criticizes, I discuss findings by Professors Thomas Piketty and Emmanuel Saez showing that market income inequality has returned to the […]
Now, “Capital in the 21st Century” expands our knowledge about global inequality. The data alone is a seminal contribution to economics that is a good thing no matter what you think of how he interprets the data.
When “Capital in the 21st Century” was published in English earlier this year, Thomas Piketty’s book was met with rapt attention and constant conversation. The book was lauded but also faced criticism, particularly from other economists who wanted to fit Piketty’s work into the models they knew well (Equitable Growth’s Marshall Steinbaum replied to many […]
Overview Economic inequality in the United States continued to rise over the first two decades of the 21st century, according to new data from the U.S. Bureau of Economic Analysis—a trend that builds upon the sharp divergence between the fortunes of the truly rich and the rest of society that began around 1980. As we […]
In “Capital in the 21st Century,” Thomas Piketty of the Paris School of Economics proposes an economic theory of rising inequality over time thanks to the growing prevalence of capital over labor. That theory’s analysis of recent trends and its prediction about future inequality—and the capital-centered channel that he specifies for it to play out—have […]
Thomas Piketty’s second “fundamental law of capitalism” in his book “Capital in the 21st Century” is generating some intriguing attention of late. This law argues that in the long run the ratio of wealth to income will rise to a level equal to the savings rate divided by the growth rate of the economy. This […]
This is a weekly post we publish on Fridays with links to articles that touch on economic inequality and growth. The first section is a round-up of what Equitable Growth published this week and the second is the work we’re highlighting from elsewhere. We won’t be the first to share these articles, but we hope […]
Economists and other analysts have taken a deeper look into some of the economics of a global wealth tax—and some of the results are very interesting.
French economist Thomas Piketty’s treatment of housing as capital in his blockbuster “Capital in the 21st Century” is not an excuse to ignore his predictions about rising economic inequality. “Capital in the 21st Century” is clear from the beginning that housing—and real estate generally—ought to be included in the definition of “capital” for the book’s […]