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| 文件名: Pareto and Piketty_Jones.pdf | |
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巴黎经济学院的Thomas Piketty在2014年出版的Capital in the Twenty-first Century引起了很大的关注，并成为亚马逊2014年的Best Books。此书也引起了很大的争论，以下附上两篇文章，均为JEP将要刊出的文章，一篇由Stanford的Charles Jones撰写，给予了相当正面的评价；另一篇则是Acemoglu与Robinson的作品，对此书进行了深刻的批评。经济学有意思的地方就在于此，非常有趣，有兴趣可以看看，也欢迎就此展开讨论。
Thomas Piketty's (2014) book, Capital in the 21st Century, follows in the tradition of the great classical economists, like Marx and Ricardo, in formulating general laws of capitalism to diagnose and predict the dynamics of inequality. We argue that general economic laws are unhelpful as a guide to understand the past or predict the future, because they ignore the central role of political and economic institutions, as well as the endogenous evolution of technology, in shaping the distribution of resources in society. We use regression evidence to show that the main economic force emphasized in Piketty's book, the gap between the interest rate and the growth rate, does not appear to explain historical patterns of inequality (especially, the share of income accruing to the upper tail of the distribution). We then use the histories of inequality of South Africa and Sweden to illustrate that inequality dynamics cannot be understood without embedding economic factors in the context of economic and political institutions, and also that the focus on the share of top incomes can give a misleading characterization of the true nature of inequality. Since the early 2000s, research by Thomas Piketty, Emmanuel Saez, and their coathors has revolutionized our understanding of income and wealth inequality. In this paper, I highlight some of the key empirical facts from this research and comment on how they relate to macroeconomics and to economic theory more generally. One of the key links between data and theory is the Pareto distribution. The paper describes simple mechanisms that give rise to Pareto distributions for income and wealth and considers the economic forces that influence top inequality over time and across countries. For example, it is in this context that the role of the famous r-g expression is best understood. |
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