Piketty in the long run

CASE Papers from Centre for Analysis of Social Exclusion, LSE

Abstract: I examine the idea of 'the long run' in Piketty (2014) and related works. In contrast to simplistic interpretations of long-run models of income- and wealth-distribution Piketty (2014) draws on a rich economic analysis that models the intra- and inter-generational processes that underlie the development of the wealth distribution. These processes inevitably involve both market and non-market mechanisms. To understand this approach, and to isolate the impact of different social and economic factors on inequality in the long run, we use the concept of an equilibrium distribution. However the long-run analysis of policy should not presume that there is an inherent tendency for the wealth distribution to approach equilibrium.

Keywords: long run; income distribution; wealth distribution; inequality; inheritance; equilibrium (search for similar items in EconPapers)
JEL-codes: D31 (search for similar items in EconPapers)
Date: 2015-02
New Economics Papers: this item is included in nep-his and nep-hpe
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Related works:
Working Paper: Piketty in the long run (2015)
Working Paper: Piketty in the long run (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:cep:sticas:/185

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