Capital and Wealth in the Twenty-First Century
In Capital in the Twenty-First Century, Thomas Piketty uses the market value of tradable assets to measure both productive capital and wealth. As a measure of wealth this is problematic because it ignores the value of human capital and transfer wealth, which have grown enormously over the last 300 years. Thus the constancy of the wealth/income ratio as portrayed in his data is an illusion. Further, the types of wealth that he does not measure are more equally distributed than tradable assets. The approach also incorrectly identifies capital gains due to reduced discount rates as increases in the capital stock.
Volume (Year): 105 (2015)
Issue (Month): 5 (May)
|Contact details of provider:|| Web page: https://www.aeaweb.org/aer/|
More information through EDIRC
|Order Information:||Web: https://www.aeaweb.org/subscribe.html|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Thomas Piketty, 2011.
"On the Long-Run Evolution of Inheritance: France 1820--2050,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 126(3), pages 1071-1131.
- Thomas Piketty, 2010. "On the long-run evolution of inheritance: France 1820-2050," PSE Working Papers halshs-00564853, HAL.
- Thomas Piketty, 2011. "On the Long-Run Evolution of Inheritance: France 1820-2050," Post-Print halshs-00754528, HAL.
- Piketty, Thomas, 2010. "On the Long Run Evolution of Inheritance - France 1820-2050," CEPR Discussion Papers 7854, C.E.P.R. Discussion Papers.
- James M. Poterba, 2014. "Retirement Security in an Aging Population," American Economic Review, American Economic Association, vol. 104(5), pages 1-30, May.
- James M. Poterba, 2014. "Retirement Security in an Aging Society," NBER Working Papers 19930, National Bureau of Economic Research, Inc. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:aea:aecrev:v:105:y:2015:i:5:p:34-37. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jane Voros)or (Michael P. Albert)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.