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Critical Remarks on Piketty's 'Capital in the Twenty-first Century'

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  • Homburg, Stefan

Abstract

This paper discusses the central macroeconomic claims that are made in Thomas Piketty's book 'Capital in the Twenty-first Century'. The paper aims to show that Piketty's contentions are not only logically flawed but also contradicted by his own data.

Suggested Citation

  • Homburg, Stefan, 2014. "Critical Remarks on Piketty's 'Capital in the Twenty-first Century'," Hannover Economic Papers (HEP) dp-530, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät, revised Oct 2014.
  • Handle: RePEc:han:dpaper:dp-530
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    File URL: http://diskussionspapiere.wiwi.uni-hannover.de/pdf_bib/dp-530.pdf
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    References listed on IDEAS

    as
    1. Stefan Homburg, 1991. "Interest and Growth in an Economy with Land," Canadian Journal of Economics, Canadian Economics Association, vol. 24(2), pages 450-459, May.
    2. Odran Bonnet & Pierre-Henri Bono & Guillaume Chapelle & Etienne Wasmer, 2014. "Does housing capital contribute to inequality? A comment on Thomas Piketty’s Capital in the 21st Century," Sciences Po Economics Discussion Papers 2014-07, Sciences Po Departement of Economics.
    3. Weil, Philippe, 1987. "Love thy children : Reflections on the Barro debt neutrality theorem," Journal of Monetary Economics, Elsevier, vol. 19(3), pages 377-391, May.
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    Citations

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    Cited by:

    1. Jean-Luc Gaffard, 2015. "Capital, richesse et croissance. De la recherche empirique aux éclairages théoriques," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 57-82.
    2. Estrada, Fernando, 2015. "Antinomies de Le Capital au XXIe siècle
      [Antinomies of Capital in the 21st Century]
      ," MPRA Paper 61126, University Library of Munich, Germany.
    3. Simplice Asongu, 2016. "Reinventing Foreign Aid For Inclusive And Sustainable Development: Kuznets, Piketty And The Great Policy Reversal," Journal of Economic Surveys, Wiley Blackwell, vol. 30(4), pages 736-755, September.
    4. Javier López-Bernardo & Félix López-Martínez & Engelbert Stockhammer, 2016. "A Post-Keynesian Response to Piketty's ‘Fundamental Contradiction of Capitalism’," Review of Political Economy, Taylor & Francis Journals, vol. 28(2), pages 190-204, April.
    5. Andreas Irmen & Amer Tabakovic, 2016. "Factor Income Distribution and Endogenous Economic Growth - When Piketty meets Romer -," CREA Discussion Paper Series 16-18, Center for Research in Economic Analysis, University of Luxembourg.
    6. Julia, Knolle, 2014. "An Empirical Comparison of Interest and Growth Rates," MPRA Paper 59520, University Library of Munich, Germany.
    7. Christoph Schinke, 2015. "Capital in the 21st Century and Bias in German Print Media," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 16(1), pages 35-39, May.
    8. repec:epa:cepawp:2014-8 is not listed on IDEAS
    9. Per Krusell & Anthony A. Smith Jr., 2015. "Is Piketty's "Second Law of Capitalism" Fundamental?," Journal of Political Economy, University of Chicago Press, vol. 123(4), pages 725-748.
    10. Jean-Luc Gaffard, 2014. "Le capital au XXIe siècle : un livre défi pour l'analyse," Sciences Po publications info:hdl:2441/1389brfhrt9, Sciences Po.
    11. Till van Treeck, 2015. "r>g: Why the ‘Piketty Debate’ Unsettles Germany’s Economic Experts," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 16(1), pages 26-34, May.
    12. Daron Acemoglu & James A. Robinson, 2015. "The Rise and Decline of General Laws of Capitalism," Journal of Economic Perspectives, American Economic Association, vol. 29(1), pages 3-28, Winter.
    13. Simplice Asongu, 2014. "A brief clarification to the questionable economics of foreign aid for inclusive human development," Working Papers 14/028, African Governance and Development Institute..
    14. Simplice A. Asongu & Jacinta C. Nwachukwu, 2016. "Rational Asymmetric Development, Piketty and Poverty in Africa," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 13(2), pages 221-246, December.
    15. Asongu, Simplice, 2014. "Reinventing foreign aid for inclusive and sustainable development: a survey," MPRA Paper 65300, University Library of Munich, Germany.
    16. Sachverständigenrat zur Begutachtung der Gesamtwirtschaftlichen Entwicklung (ed.), 2014. "Mehr Vertrauen in Marktprozesse. Jahresgutachten 2014/15," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201415, April.
    17. Kleczka, Mitja, 2015. "Monetary Policy, Fiscal Policy, and Secular Stagnation at the Zero Lower Bound. A View on the Eurozone," MPRA Paper 67228, University Library of Munich, Germany.
    18. Gregor Semieniuk, 2014. "Piketty’s Elasticity of Substitution: A Critique," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2014-8, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    19. Marwil Jhonatan Dávila Fernádez & José Luis Oreiro, 2016. "Capital In The Twenty First Century: Reinterpretando A Contradição Fundamental Do Capitalismo," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 096, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    20. Simplice Asongu, 2015. "Rational Asymmetric Development, Piketty and the Spirit of Poverty in Africa," Working Papers 15/006, African Governance and Development Institute..
    21. Stirati, Antonella, 2016. "Piketty and the increasing concentration of wealth: some implications of alternative theories of dis-tribution and growth," Centro Sraffa Working Papers CSWP18, Centro di Ricerche e Documentazione "Piero Sraffa".
    22. von Weizsäcker Carl Christian, 2015. "Kapitalismus in der Krise?," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 16(2), pages 189-212, June.

    More about this item

    Keywords

    Capital; wealth; income distribution; taxes;

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • E - Macroeconomics and Monetary Economics
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies

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    1. Капитал в XXI веке in Wikipedia Russian ne '')
    2. Talk:Capital in the Twenty-First Century in Wikipedia English ne '')
    3. 二十一世紀資本論 in Wikipedia Chinese ne '')
    4. Diskussion:Das Kapital im 21. Jahrhundert in Wikipedia German ne '')

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