Semieniuk, Gregor - Bernard Schwartz Center for Economic Policy Analysis … - 2014
function. Semieniuk reviews Piketty’s elasticity argument, which relies on a non-standard capital definition. In light of the … theory of land rent, he discusses why the non-standard capital definition is problematic for estimating elasticities. For … functions for Piketty’s data as well as for a subset of his capital measure that comes closer to the standard capital definition …