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Does housing wealth contribute to wealth inequality? A tale of two New Yorks

Listed author(s):
  • Guillaume Allegre

    (Observatoire français des conjonctures économiques)

  • Xavier Timbeau

    (Observatoire français des conjonctures économiques)

In Capital in the 21st century (hereafter Capital), Thomas Piketty points outthe risk of a concentration of wealth in the twenty-first century that would threaten the social justice and meritocratic values of our democratic societies.The main force of divergence is due to the fact that net returns on capital (r) are expected to be greater than the growth of the economy (g), or: “r>g”.According to Piketty, this will lead to two undesirable consequences: firstly,wealth will have a tendency to concentrate in the hands of a few; secondly,constituted wealth will tend to dominate accumulated wealth from labour:“the past devours the future”.

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Paper provided by Sciences Po in its series Sciences Po publications with number info:hdl:2441/59b5l4afcq8qdb7ih17aej5f5k.

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Date of creation: Jan 2015
Publication status: Published in OFCE Briefing Paper, 2015, pp.1-11
Handle: RePEc:spo:wpmain:info:hdl:2441/59b5l4afcq8qdb7ih17aej5f5k
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  1. Buiter, Willem H., 2010. "Housing wealth isn't wealth," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 4, pages 1-29.
  2. Guillaume Allegre & Xavier Timbeau, 2014. "The critique of capital in the twenty first century in search of the macroeconomic foundations of inequality," Sciences Po publications 2014-10, Sciences Po.
  3. 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.
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