If Piketty's main theoretical prediction (rg leads to rising wealth inequality) is taken to its radical conclusion, then a small elite will own all wealth if capitalism is left to its own devices. We formulate and calibrate a Post-Keynesian model with an endogenous distribution of wealth between...

This paper argues that the cumulative causation processes between wealth and power risk leading to an escalation of wealth inequality. Piketty's historical description of this development from administrative data for individual countries is corroborated with new survey data for the eurozone, the...

If Piketty's main theoretical prediction (rg leads to rising wealth inequality) is taken to its radical conclusion, then a small elite will own all wealth if capitalism is left to its own devices. We formulate and calibrate a Post-Keynesian model with an endogenous distribution of wealth between...

If Piketty's main theoretical prediction (rg leads to rising wealth inequality) is taken to its radical conclusion, then a small elite will own all wealth if capitalism is left to its own devices. We formulate and calibrate a Post-Keynesian model with an endogenous distribution of wealth between...

Thomas Piketty attributes increasing wealth inequality to the characteristics of a neoclassical aggregate production function, which is known not to exist. A more plausible narrative is that wage repression can lead to secular stagnation by enriching the rentier. Lower economic activity...

This note examines Thomas Piketty’s (2014) explanation and prediction of simultaneously rising capital income ratio and profit share by an elasticity of substitution, σ, greater than one between labor and capital in an aggregate production function. Semieniuk reviews Piketty’s elasticity...