Professor John Hall
Journal of Economic Literature Classification Codes
D63, P10, Y30
Capital, Economics, Inequality, Thomas Piketty, Wealth Distribution
This inquiry seeks to establish that, in his Capital in the Twenty-First Century, Thomas Piketty advances ideas concerning the origins and implication of economic inequality. Piketty commences his inquiry by considering and detailing wage differences amongst distinct classes of society. This mechanism for the distribution of income is compared across selected nations, and the differing tendencies over time are examined in detail. Distinct from working wages, Piketty considers income effects associated with capital ownership. Adding to this, Piketty shows that effects of inheritance need be considered as capital is passed to successive generations, thereby allowing the accruing of monetary gains to beneficiaries wholly independent of their labor inputs.
Randall, Max. "Thomas Piketty on Capital and Inequality, Working Paper No. 18", Portland State University Economics Working Papers. 18. (15 June 2019) i + 14 pages.