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Piketty and the increasing concentration of wealth: some implications of alternative theories of dis-tribution and growth

Author

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  • Stirati, Antonella

    (Università degli Studi Roma Tre (University of Rome Tre))

Abstract

Thomas Piketty’s Capital in the Twenty-First Century has been spectacularly successful and a reason for this might be the fact that the theory that underlies his analysis is mainstream theory, with some adjustments or reservations on specific points, but never on the fundamentals. Thus, while Piketty’s empirical analysis often challenges received views and supports a non-apologetic view of capitalism’s dynamics, the book at the same time speaks a language which is common to mainstream economists around the world. This however is not always conducive to consistency and interpretative accuracy. A different theoretical perspective (and some empirical evi-dence) might lead to questioning some of the book’s central claims.

Suggested Citation

  • 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".
  • Handle: RePEc:ris:sraffa:0018
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    References listed on IDEAS

    as
    1. 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.
    2. Enrico Sergio Levrero & Antonella Palumbo & Antonella Stirati (ed.), 2013. "Sraffa and the Reconstruction of Economic Theory: Volume One," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-31683-7, June.
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    5. Stirati, Antonella, 1992. "Unemployment, Institutions and the Living Standard in the Classical Theory of Wages," Contributions to Political Economy, Oxford University Press, vol. 11(0), pages 41-66.
    6. Garegnani, Pierangelo, 1984. "Value and Distribution in the Classical Economists and Marx," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 291-325, June.
    7. Tony Aspromourgos, 2015. "Thomas Piketty, the Future of Capitalism and the Theory of Distribution: A Review Essay," Metroeconomica, Wiley Blackwell, vol. 66(2), pages 284-305, May.
    8. P. Garegnani, 1970. "Heterogeneous Capital, the Production Function and the Theory of Distribution," Review of Economic Studies, Oxford University Press, vol. 37(3), pages 407-436.
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    More about this item

    Keywords

    Piketty; inequality; income distribution; capitalist dynamics;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General

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