Repenser leconomie francois geerolf, gabriel zucman, esther duflo, xavier gabaix, pierreolivier gourinchas, thomas philippon, thomas piketty, emmanuel saez, david thesmar, etienne wasmer on. The impressive success of thomas pikettys book piketty 2014 shows that inequality is a great concern in most countries. Jan 15, 2015 par guillaume allegre and xavier timbeau in a response to capital in the twentyfirst century, odran bonnet, pierrehenri bono, guillaume chapelle and etienne wasmer 2014 attempt to show that the conclusion of the book in terms of the explosion of wealth inequality is not plausible. Debating pikettys theory on how wealth begets wealth. One economist said your book was taking off because people no longer believed. Apr 09, 2018 thomas piketty argues that education is a big equaliser in a highly unequal society like south africa. The prices of houses have tripled in france from the 1990s to the present day, but this does not mean that the gap between the rich and the poor has increased, affirmed etienne wasmer. Etienne wasmer 2012 price, wage and employment adjustments in 20072008 and some inference for the current european crisis. The authors point out an inconsistency in thomas pikettys thesis. This work is based on a discussion by etienne wasmer on capital. A comment on thomas pikettys capital in the 21st century, sciences po economics discussion papers, 2014. Many on the left see the popularity of thomas pikettys new book, capital in the twentyfirst century, as a.
Our work challenges the conclusions of the author in three steps. Doesnt real estate capital really contribute to inequality. Housing capital and pikettys analysis vox, cepr policy portal. Wasmer mainly focuses on the fields of labor economics, job search theory, discrimination and human capital. We were the first to reflect in depth on piketty s book and on the share of capital represented by housing. The basic version of pikettys wealth tax would impose a tax rate of. In his book, capital in the 21st century,thomas piketty highlights the risk of an explosion of wealth inequality. The impact of pikettys wealth tax on the poor, the rich, and the middle class pdf executive summary in his bestseller capital in the twentyfirst century, thomas piketty recommends a wealth tax as a remedy to inequality. Piketty and wealth inequality conversable economist. His claim that capital is back, because the ratio of capital over income is returning to the levels of the end of the 19th century, is probably one of the most striking conclusions of his 700 pages. The graduate center, the city university of new york established in 1961, the graduate center of the city university of new york cuny is devoted primarily to doctoral studies and awards most of cunys doctoral degrees. In his bestselling book, capital in the 21st century, piketty 2014 attributes this stylised fact to the decline in gdp growth rates and the longrun stability of the saving rates see also piketty and saez 2014, piketty and zucman 2014. Thomas pikettys most popular book is capital in the twentyfirst century. In his book, capital in the 21st century,thomas piketty highlights the risk of an explosion of wealth inequality because capital is accumulating faster than income in several countries including the us and european countries such as france.
Last week, tyler cowen and i had a piece over at the upshot looking at some of the reasons why french economist thomas pikettys book, capital in the twentyfirst century, didnt get the same. In his book, capital in the 21st century,thomas piketty highlights the risk of an explosion of wealth inequality because capital. For a book that contains mathematical equations, it saw unthinkable sales, clearly resonating with readers and eventually even the political system, as it provided a respectable background to mounting dissatisfaction with the economic status quo. The efficiency of surplus sharing in sequential labor and goods markets, 2018 meeting papers. By odran bonnet, pierrehenri bono, guillaume chapelle and etienne wasmer. Gwen ifill gets debate on his data and conclusions from. In the economics of inequality, piketty boils down the data to about 140 pages plus endnotes, and explains the causes of economic.
The following are minisummaries of some of the main criticisms of pikettys capital in the 21st century that relate to his descriptions of the historical changes in inequality and their current trends. Dec 12, 20 extended discussion paper by bonnet odran. Its aim integrates the debate theories of growth, income distribution, inequality and differences between the extremes income and income of the majority. This is no surprise to those of us who have been chronicling the loss of destruction of middle income housing affordability where urban containment policy has been implemented from australia to canada, ireland, new zealand, the united kingdom and the. A guide to why r is greater than g jump to media player aiming to explain why r is greater than g in french philosopher thomas pikettys capital in the 21st century book. French economists capital and ideology expands on themes in capital in the 21st century, which sold 2m copies. The impact of pikettys wealth tax on the poor, the rich. An internationally recognized center for advanced studies and a national model for public doctoral education, the graduate center offers more than thirty.
Apr 28, 2014 thomas pikettys new war and peacesized book published on thursday. Contributors join in a conversation to celebrate its release and discuss how lessons from piketty can help us understand the current economic and political moment. O capital no seculo xxi wikipedia, a enciclopedia livre. Why are economists giving piketty the cold shoulder. Flinn, journal of economic literature, volume 51, number 2, june 20, pp. In a response to capital in the twentyfirst century, odran bonnet, pierrehenri bono, guillaume chapelle and etienne wasmer 2014 attempt to show that the books conclusions regarding an explosion in wealth inequality are not plausible.
Rising house prices may be chiefly responsible for rising inequality. I noticed the key role of housing capital in the u shape of the capitallabor ratio and elaborated on it during my. Thomas piketty has 50 books on goodreads with 116989 ratings. Five years ago, the united states and europe had approximately the same unemployment rate and level of public debt. Oct 06, 2015 piketty s other books tend to run 500 pages or more 700 pages for capital in the 21st century, tomes that require a significant time commitment to get through. He is a professor directeur detudes at the school for advanced studies in the social sciences ehess, associate chair at the paris school of economics and centennial professor at the international inequalities institute, which is part of the london school. Does housing wealth contribute to wealth inequality.
Pierre henri bono, guillaume camille chapelle, etienne wasmer 30. Odran bonnet, pierrehenri bono, guillaume chapelle and etienne wasmer. Opinion thomas piketty and his critics the new york times. A comment on thomas pikettys capital in the 21st century. Thomas pikettys claim that the ratio of capital to national income is approaching 19thcentury levels has fuelled the debate over inequality.
Etienne wasmer 2014 attempt to show that the books conclusions. Etienne wasmer is a professor of economics in the social science division at nyuad. He obtained an engineer degree from ecole polytechnique in france, a master from delta departement et laboratoire deconomie theorique et appliquee, at the ecole des hautes etudes en sciences sociales and a phd in economics at the london school of economics and political science. In capital, french economist thomas piketty explores how wealth and the income derived from it magnifies the problems of inequality. Repenser leconomie yann algan, philippe askenazy, pierre cahuc, esther duflo, thomas philippon, thomas piketty, david thesmar, etienne wasmer on. The return of the bestselling, awardwinning economist extraordinaire with the same powerful evidence, and range of reference, as his global bestseller capital in the twentyfirst century and in columns of 700 words, rather than 700 pages chronicles sets out thomas pikettys analysis of the financial crisis, what has happened since and where we should go from. In his book, capital in the 21st century,thomas piketty highlights the risk of an explosion of wealth inequality because. The agenda for economics and inequality, which is sure to spark much debate in its own right.
In the economics of inequality, piketty boils down the data to about 140 pages plus endnotes, and explains the causes of economic inequality. Some blogs or news paper articles pointing to our work non exhaustive list april 2015. In a response to capital in the twentyfirst century, odran bonnet, pierrehenri bono, guillaume chapelle and etienne wasmer 2014 attempt to show that the book s conclusions regarding an explosion in wealth inequality are not plausible. Thomas pikettys new war and peacesized book published on thursday. Some of the success of the book comes from the fact that there is concern with rising inequality. This work is a development of the may 14, 2014 discussion paper. The way europe behaved in the crisis was nothing short of disastrous. In his influential book, capital in the twentyfirst century,1 piketty argues that. He believes it takes precedence over other economic concerns like poverty, unemployment, or slow economic growth. Pierre henri bono, guillaume chapelle, and etienne wasmer 2014. Piketty follows up capital in the twentyfirst century, last years landmark economic analysis, with a slightly revised version of a book he wrote in 1997.
Etienne wasmer born 1970 is a french professor and economist. A comment on thomas pikettys capital in the 21st century, sciences po economics discussion papers 201407, sciences po departement of economics. The work predicts a slow increase in the share of capital income and inequality. For a book that contains mathematical equations, it saw unthinkable sales, clearly resonating. They point out what they see as an inconsistency in the thesis. Odran bonnet, pierrehenri bono, guillaume camille chapelle, etienne wasmer 30 june 2014 thomas pikettys claim that the ratio of capital to national income is approaching 19thcentury levels has fuelled the debate over inequality.
This column argues that pikettys claim rests on the recent increase in the price of housing. Pdf in his book, capital in the 21st century, thomas piketty. Many on the left see the popularity of thomas pikettys new book, capital in the twentyfirst century, as a sign of hope. Wealthtoincome ratios have been increasing in most advanced economies since the end of wwii. Its aim integrates the debate theories of growth, income distribution, inequality and. This is no surprise to those of us who have been chronicling the loss of destruction of middle income housing affordability where urban containment policy has been implemented from australia to canada, ireland, new zealand, the united kingdom and the united states. Books by thomas piketty author of capital in the twenty. Among the criticisms this leads to are that piketty measures aggregate wealth by asset value as his numbers are susceptible to house price movements hence bbcw and rognlie criticisms below. In a response to capital in the twentyfirst century, odran bonnet, pierrehenri bono, guillaume chapelle and etienne wasmer 2014 attempt to show that the conclusion of the book in terms of the explosion of wealth inequality is not plausible. The prices of houses have tripled in france from the 1990s to the present day, but this does not mean that the gap between the rich and the. No 201407, sciences po economics discussion papers from sciences po departement of economics abstract. Efficiency in sequential labor and goods markets, working paper series 2018, federal reserve bank of san francisco, revised 27 sep 2018. I was asked to discuss the french edition in december 20 le capital au xxie siecle, a few weeks before the english edition was released, at a conference in sciences po organized by the maxpo center. The impressive success of thomas pikettys book piketty 2014 shows.
Thomas pikettys capital in the twentyfirst century is such a volume. Etienne wasmer argues that esssentially all of the recent variation in. This work is a development of the may 14, 2014 discussion. We were the first to reflect in depth on pikettys book and on the share of capital represented by housing.
Rognlie suggests that a better title for pikettys book would have been. Spa pt a wealth tax in the united states would reduce investment, wages, employment, incomes, and output. Unemployment has exploded here in europe, while it has declined in the united states. This work is based on a discussion by etienne wasmer on capital in the 21st. Debating pikettys theory on how wealth begets wealth, widens. The efficiency of surplus sharing in sequential labor and goods markets, 2018 meeting papers 622, society for economic dynamics. Odran bonnet, pierrehenri bono, guillaume chapelle et etienne wasmer, housing equity does contribute to inequality. When it was first published in english in the spring of 2014, thomas pikettys book capital in the twentyfirst century was a surprising bestseller. No 201407, sciences po publications from sciences po abstract. Housing capital and pikettys analysis vox, cepr policy. These questions and more are tackled in the new book after piketty. Jun 30, 2014 the impressive success of thomas pikettys book piketty 2014 shows that inequality is a great concern in most countries. This is the fifth of five posts on capital in the 21st century.
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