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Le capital logement ne contribue-t-il vraiment pas aux inégalités ?

Author

Listed:
  • Guillaume Allegre

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Xavier Timbeau

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

Dans une réponse au Capital au XXIe siècle de Piketty, Bonnet et al. (2014) affirment que le patrimoine immobilier devrait être valorisé différemment des autres types de patrimoine, en utilisant les loyers et non les prix de marché. Les auteurs concluent que le poids du capital est resté stable, ce qui contredit les conclusions de T. Piketty. Nous montrons que les auteurs minimisent la contribution du logement aux inégalités en faisant disparaître l'impact des gains en capital et de l'héritage sur les inégalités de revenu et de consommation. Nous soulignons une incohérence théorique dans l'argumentation des auteurs : ils valorisent le capital à la somme des valeurs actualisées des loyers, sous l'hypothèse que ce qui compte c'est le fait d'être logé ; puis utilisent un modèle dynastique dans lequel c'est le fait de transmettre la propriété et non le flux actualisé des loyers qui compte.

Suggested Citation

  • Guillaume Allegre & Xavier Timbeau, 2015. "Le capital logement ne contribue-t-il vraiment pas aux inégalités ?," Post-Print hal-03459945, HAL.
    • Handle: RePEc:hal:journl:hal-03459945
    DOI: 10.3917/reof.137.0083
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03459945
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    1. Thomas Piketty, 2013. "Le capital au XXIe siècle," Post-Print halshs-00979232, HAL.
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