Piketty-Capital in the Twenty- First Century Quote 1: “The distribution of wealth is one of today’s most widely discussed and controversial issues. But.

Slides:



Advertisements
Similar presentations
Economics of Inequality (Master PPD & APE, Paris School of Economics) Thomas Piketty Academic year Lecture 7: The regulation of capital and inequality.
Advertisements

Setting the Stage President’s Symposium Confronting Inequality: Political, Educational, and Social Consequences & Remedies May 11, 2012 Kristin J. Kleinjans.
Bellringer Marxism The production of too many useful things results in too many useless people. The rich will do anything for the poor but get off their.
Lecture 2, Thursday, September 6 WHAT KIND OF SOCIETY IS THE UNITED STATES?
We Inherit the Past; We Make the Future. How Economics Matters? Has there been a negative change in the wages of anyone in your household or immediate.
Your Agenda First Review Political system Political culture Discuss Implications of Political Culture for Public Policy Apply Political Culture to Republicans.
Economics of the Industrial Revolution. The Industrial Revolution opened a wide gap between the rich and the poor. While business leaders believed the.
Economic Systems.
Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 17 The Distribution of Income.
Why does inequality matter? The effects of a corrosive force.
Capital in the 21 st century Thomas Piketty Paris School of Economics Mexico City, December
Reflections on Inequality and Capital in the 21 st century Thomas Piketty Paris School of Economics Miami, BHC-EBHA Meeting, June
Economic History (Master PPD & APE, Paris School of Economics) Thomas Piketty Academic year Lecture 7: Government intervention and the regulation.
Capital in the 21 st century Thomas Piketty Paris School of Economics ECB, Frankfurt, February
New Labor Trends Over the past 15 years Labor has significantly changed Globally: Globalization: “free trade” with other countries Collapse of Soviet Union.
Building Sustainability: Governance, Economic Development, and Peace.
Development Economics: An Overview based on Cypher and Dietz The Process of Economic Development Ch. 1.
Capital in the 21 st century Thomas Piketty Paris School of Economics Madrid, January
Capital in the 21 st century Thomas Piketty Paris School of Economics Zagreb, April
Health for all in the 21st century1 Why health? 1) The agenda for health 2)The global health for all policy.
Lecture 27 Alternative Futures & Big Lessons of the Course December 13, 2012 Final Exam Thursday, December 18, & 5322 Social Science.
Capital in the 21 st century Thomas Piketty Paris School of Economics Santiago de Chile, January
Global rightsSilvana Cappuccio1 Globalisation and the world of work.
Capital in the 21 st century Thomas Piketty Paris School of Economics Santiago de Chile, January
Reflections on Inequality and Capital in the 21 st century Thomas Piketty Paris School of Economics Johannesburg, October
Inequality & Capitalism in the Long-Run Thomas Piketty Paris School of Economics HONG KONG, October 18 th 2013.
Inequality in the Long Run & Inherited Wealth Thomas Piketty Paris School of Economics EALE/SOLE Meeting, June 17 th 2010.
Capital in the 21 st century Thomas Piketty Paris School of Economics Santiago de Chile, January
Social Inequality Chapter 1
Capital in the 21 st century Thomas Piketty Paris School of Economics EUI, Florence, January
Capital in the 21 st century Thomas Piketty Paris School of Economics Paris, December
LECTURE 3: GENERATING THE WEALTH OF NATIONS Dr. Aidan Regan Website: Twitter:
How free markets create & divide wealth
INT 200: Global Capitalism and its Discontents Inequality and AlterGlobalization.
Capital in the 21 st century Thomas Piketty Paris School of Economics Sao Paulo, November
Capital in the 21 st century Thomas Piketty Paris School of Economics Buenos Aires, January
Reflections on Inequality, Capital and Carbon in the 21 st century Thomas Piketty Paris School of Economics Paris, November
Perception of Wealth Inequality in the United States Sociology Chapter 11: Social Class in the United States Society: The Basics Chapter 8: Social Stratification.
How free markets create & divide wealth
Capital in the 21 st century Thomas Piketty Paris School of Economics Trento, May
Capital in the 21 st century Thomas Piketty Paris School of Economics Storrs Lecture, Yale Law School, March
Higher Education: A Solution to, or Problem in, Rising Social Inequalities Susan L. Robertson Centre for Globalisation, Education and Social Futures, University.
LECTURE 2: MEASURING THE WEALTH OF NATIONS - INCOME AND CAPITAL Dr. Aidan Regan Website:
Capital in the 21 st century Thomas Piketty Paris School of Economics Sao Paulo, November
Capital in the 21 st century Thomas Piketty Paris School of Economics Buenos Aires, January
Growth and Inequality Thomas Piketty Paris School of Economics OECD, Growth Dialogue, March 20 th 2014.
Capital in the 21 st century Thomas Piketty Paris School of Economics New School for Social Research, October
American and Texas Government: Policy and Politics, 10/e By Neal Tannahill 2010, 2008, 2006 Pearson Education, Inc.
Cold War Terms – Right Side Democracy from American Perspective: It is the best system of government Democracy from Soviet Perspective: True democracy.
Capital in the 21 st century Thomas Piketty Paris School of Economics Lisbon, April
Announcements Open Office hours: Tuesdays 1-2 & Thursdays 9:30-10:30
Economic growth, debt and inequality
How Inclusive Has Development Been In Pakistan?
Reflections on Inequality and Capital in the 21st century
Reflections on Inequality and Capital in the 21st century
The Opportunity Gap for Youth and Children
Lecture 1: The global political economy of capitalism
Inequality for All This movie is critically important. It exposes the heart of our economic problem.  Something that’s been getting worse and worse for.
Lecture 25: IPE and War Benjamin Graham
Global Labor Trends & Inequality
Cold War Terms Differences Notes.
WHAT KIND OF SOCIETY IS THE UNITED STATES?
Cold War Terms US vs USSR Notes.
Introduction to Animal Farm: The Political Background
Redistribution of income and wealth
Lecture 25: IPE and War Benjamin Graham
Big Lessons of the Course
fighting for a more equal world
Final Exam Wednesday, December 19, 5:05 PM – 7:05PM SOC SCI 6210
Presentation transcript:

Piketty-Capital in the Twenty- First Century Quote 1: “The distribution of wealth is one of today’s most widely discussed and controversial issues. But what do we really know about it’s evolution over the long term?” Wealth≠income Part 1: Theoretical concepts Part 2-3: Empirical findings&historical interpretation Part 4: Predicion and policy advise

Quote 2 ”Capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based” (p. 1)

How much of total wealth owned by top-10%? A) 20% B) 30% C) 40% D) 50% E) 60% F) 70% G) 80% H) 90%

Causes/background Economic R>g Political (1975-heden) Globalisation  Bargaining power capital (‘race to the bottom’) Weaker unions End of Cold War Saturized product markets Trans-national governance Deregulation (or: reregulation)

The power of discounting YearLabor income (g=2%) Income from wealth(5%)

Quote 3 ”A gap r-g of fairly modest size is all that it takes to arrive at an extremely inegalitarian distribution of wealth” (p. 451)

Quote 4 ”the average income of the parents of Harvard students is currently about (..) Such a finding does not seem entirely compatible with the idea of selection based solely on merit” (p. 485)

Quote 5 ”The rich world is rich, but the governments of the rich world are poor. Europe is the most extreme case: it has both the highest level of private wealth in the world and the greatest difficulty in resolving its public debt crisis” (p. 485)

Quote 6&7 ”in a democracy, the professed equality of rights of all citizens contrasts sharply with the very real inequality of living conditions” (p. 423) “The top thousandth would then own 60% of global wealth, which is hard to imagine in the framework of existing political institutions unless there is a particulary effective system of repression or an extremely powerful apparatus of persuasion, or perhaps both” (p. 439)

On the road to patrimonial capitalism Vautrin’s lesson in Balzac’s Pere Goriot (1835) to Rastignac

Final sentence Piketty “Refusing to deal with numbers rarely serves the interests of the least well-off” (p. 577).