On the Long-run Evolution of Inheritance France 1900-2050
Thomas Piketty
初中英语小故事Paris School of Economics
local rviceSeptember2009高考病句练习及答案>幽禁
virgin road
•There are two ways to become rich: either through one’s own work, or through inheritanceexerci
•In the 19th century and early20th, it was obvious to everybody that the 2nd channel was important: inheritance and successors are everywhere in the literature, huge inheritance flow
•Q: Does this belong to the past? Did modern growth kill the inheritance channel? E.g. ri of human capital and meritocracy?•This paper answers«NO»to this question and attempts to explains why, taking France 1900-2050 as an illustration: capital is back!
吸血鬼日记第三季结局
What this paper does
英语四级论坛kyw•Documents and explains this fact •Develops a simple simulation model reproducing this fact
•Applies the model to 2010-2050: we predict B/Y returns to 1900 level •Applications to bequest wealth, lifetime inequality, and capital taxation
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