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Bassa crescita dell?economia o elevato sviluppo del settore finanziario? Alcune annotazioni sul recente libro di Piketty

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  • Carlo Panico
  • Antonio Pinto

Abstract

The paper deals with the role of the expansion of the financial sector in the recent increase in income inequality. It first considers the positions presented by Piketty in his recent book on this theme, criticising his neglect of role of the financial sector and his view that the low growth of the economy is inevitably and is not related to the changes in income distribution. Then it presents some analyses to show that the size of the financial sector affects the distribution of income between social groups. By using these analyses, the paper proposes an interpretation of the role of the financial industry in the recent changes in income inequality and in the burst of the recent financial crisis.

Suggested Citation

  • Carlo Panico & Antonio Pinto, 2014. "Bassa crescita dell?economia o elevato sviluppo del settore finanziario? Alcune annotazioni sul recente libro di Piketty," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2014(113), pages 34-60.
    • Handle: RePEc:fan:steste:v:html10.3280/ste2014-113002
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    References listed on IDEAS

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    1. Thomas Piketty & Emmanuel Saez, 2003. "Income Inequality in the United States, 1913–1998," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 118(1), pages 1-41.
    2. Palma, J.G., 2009. "The Revenge of the Market on the Rentiers: Why neo-liberal Reports of the end of history turned out to be premature (Updated 19 December 2011)," Cambridge Working Papers in Economics 0927, Faculty of Economics, University of Cambridge.
    3. Paul A. Samuelson, 1966. "A Summing Up," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 80(4), pages 568-583.
    4. Thomas I. Palley, 2013. "Financialization: What It Is and Why It Matters," Palgrave Macmillan Books, in: Financialization, chapter 2, pages 17-40, Palgrave Macmillan.
    5. Thomas Piketty & Emmanuel Saez, 2006. "The Evolution of Top Incomes: A Historical and International Perspective," American Economic Review, American Economic Association, vol. 96(2), pages 200-205, May.
    6. Panico, Carlo, 1988. "Sraffa on Money and Banking," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 12(1), pages 7-28, March.
    7. Carlo Panico & Antonio Pinto & Martín Puchet Anyul, 2012. "Income distribution and the size of the financial sector: a Sraffian analysis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 36(6), pages 1455-1477.
    8. José Gabriel Palma, 2009. "The revenge of the market on the rentiers," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(4), pages 829-869, July.
    9. Aldo Barba & Massimo Pivetti, 2009. "Rising household debt: Its causes and macroeconomic implications--a long-period analysis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(1), pages 113-137, January.
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    More about this item

    JEL classification:

    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution

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