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La critique du capital au XXIè sicècle

Author

Listed:
  • Guillaume Allegre

    (Observatoire français des conjonctures économiques)

  • Xavier Timbeau

    (Observatoire français des conjonctures économiques)

Abstract

Dans son ouvrage Le capital au XXIe siècle, Thomas Piketty propose une analyse critique de la dynamique de l’accumulation du capital. L’auteur montre que si le rendement du capital (r) est plus élevé que la croissance économique (g), ce qui a pratiquement toujours été le cas dans l’histoire, alors il est presque inévitable que les patrimoines hérités dominent les patrimoines constitués et que la concentration du capital atteigne des niveaux extrêmement élevés. Le livre cherche ainsi des fondements macroéconomiques (r>g) aux inégalités alors que les explications habituelles sont d’ordre micro-économique. Nous soulignons que l’on peut interpréter les faits décrits selon une causalité différente où les inégalités découlent du fonctionnement (imparfait) des marchés, des rentes de rareté et de l’établissement des droits de propriété. Selon cette interprétation, ce n’est pas r>g qui a transformé les entrepreneurs en rentiers, mais la mise en place de mécanismes permettant l’extraction d’une rente perpétuelle qui explique la constance historique r>g. Cette interprétation différente des mêmes phénomènes a des conséquences en termes de politique publique. L’imposition ex post du capital, si nécessaire, ne peut être qu’un choix de second rang : il faut d’abord lever les contraintes de rareté et se préoccuper de la définition des droits de propriété ainsi que des droits des propriétaires et des non-propriétaires

Suggested Citation

  • Guillaume Allegre & Xavier Timbeau, 2015. "La critique du capital au XXIè sicècle," Sciences Po publications info:hdl:2441/6cveipjp238, Sciences Po.
  • Handle: RePEc:spo:wpmain:info:hdl:2441/6cveipjp238a0afbjf8ivdsi62
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    References listed on IDEAS

    as
    1. Thomas Piketty, 2013. "Le capital au XXIe siècle," PSE-Ecole d'économie de Paris (Postprint) halshs-00979232, HAL.
    2. Xavier Timbeau, 2013. "Comment construire (au moins) 1 million de logements en région parisienne," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(2), pages 315-340.
    3. repec:hal:spmain:info:hdl:2441/7o52iohb7k6srk09mgl17im40 is not listed on IDEAS
    4. Milanovic, Branko, 2009. "Global inequality and the global inequality extraction ratio: the story of the past two centuries," Policy Research Working Paper Series 5044, The World Bank.
    5. Paul Krugman, 1998. "Space: The Final Frontier," Journal of Economic Perspectives, American Economic Association, vol. 12(2), pages 161-174, Spring.
    Full references (including those not matched with items on IDEAS)

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    Keywords

    capital; revenu; inegalités; croissance; redistribution; impot;
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