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Sparse, Inconsistent and Unreliable: Tax Records and the World Inequality Report 2018 - Galbraith - - Development and Change - Wiley Online Library
The World Inequality Report 2018 reports measures of inequality aggregated across major regions, notably ‘Europe’ and ‘the World’. A technical note by Chancel and Gethin (2017) explains how this is done. Gross income distributions are inferred for entire regions using data for a handful of countries. Thus data for the UK, Germany and France serve for all of Europe, China and India serve for Asia, and Brazil stands in for South America. Each group share is then scaled to the national income of each country, weighted either by Purchasing Power Parity or by market exchange rates. Gaps between years are interpolated. The resulting estimates are beyond heroic, and based on far less information than is actually available, since actual country‐year inequality measures available from UTIP or the SWIID or many national sources are not used, or even cited.
piketty  inequality  fisking  economics 
10 weeks ago by yorksranter
2019 feels like the year that will be responsible for becoming a verb and entering the popular lexico…
Piketty  AOC  from twitter
10 weeks ago by mrchrisadams
The rate of return on everything
"[W]e construct three types of returns: investment income (i.e. yield), capital gains (i.e. price changes), and total returns (i.e. the sum of the two)." Covers 150 years.
economic-history  capitalism  history  rate-of-return  piketty  !H-🚟-book-and-publishing-history-economics-of-publishing 
november 2018 by beyondseven
Income inequality in France | VOX, CEPR Policy Portal
Regarding the rise of top labour incomes, it is worth stressing that it occurred only at the very top (i.e. above the 95th percentile) and mostly within the top 1% and top 0.1%. It is difficult for standard explanations based upon technical change and changing supply and demand of skills to fully explain this concentration of rising inequality at the very top. It seems more promising to stress the role of institutional factors governing pay setting processes for top managerial compensation, including corporate governance, the decline of unions and collective bargaining processes, and the drop in top income tax rates (see Piketty et al. 2014).
VoxEU  Piketty  inequality  France  2018 
september 2018 by suitable
It’s bargaining power all the way down — Crooked Timber
In the orthodox perspective favored by Piketty, we ask “why is there more capital than there used to be?” and “what is the product of each unit of capital?” In the second perspective – which following Perry Mehrling we might call the money view – it’s the distribution among rival claims that is the real sociological fact, and the value of these of claims as “capital” that is an after-the-fact calculation. From this point of view, the relevant questions are “how much of the output of the firm is appropriated through property claims?” and “what value is put on each dollar of property income?” In which case, we should expect to see higher wealth ratios not in times and places where cumulated savings have outpaced growth, but in times and places where the bargaining process has shifted in favor of holders of capital claims, and where financial markets place a higher value on ownership claims relative to current output.
economics  piketty  income  wealth  labor  bargaining 
august 2018 by max_read
Highlights From The Comments On Piketty | Slate Star Codex
Wealth inequality is much larger and more important than income inequality, in the past and now. > When rate of return on capital is persistently higher than economic growth, wealth inequality tends to be became entrenched and inherited, unless special circumstances, like wealthy people consuming or giving away giant portions of their fortunes, apply. This is true by definition, and thus not very interesting. Piketty however claims that this is the case now in the EU as well as in the US, and has been since at least 80s, although it definitely wasn´t the case in first half of 20th century.
inequality  2018  piketty  wealth  income  economics  history 
july 2018 by porejide
Here are 3 facts you need to know about inequality and populism | World Economic Forum
Undiscussed factor: throughout all relevant periods, the % of graduates went up a hell of a lot. A lot of people who would, all other things being equal, be counted as "low education, left wing" therefore became "high education, left wing"
inequality  piketty  populism  education  to_blog 
may 2018 by yorksranter
Miben téved Piketty? - Qubit
Amekkora sztár lett Thomas Piketty A tőke a 21. században című könyvével, annyian kritizálják az általa felhasznált adatok időszerűségét, feldolgozásuk metodológiáját és az ezekből levont következtetéseket. Mi a helyzet a bruttó és nettó megtakarítási rátával?
piketty  pol 
april 2018 by lincze
Matt Rognlie - Notes on Piketty's Diminishing Returns
Explains how nearly 100% of global inequality in the last 50 years comes from capital gains in *housing*, not equipment or automation.
affordable-housing  housing  economics  MIT  Piketty  inequality 
march 2018 by zachkrumm

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