Capital in the Twenty-First Century

A More Complex Case: The Transformation of Inequality in the United States

The Explosion of US Inequality after 1980

Did the Increase of Inequality Cause the Financial Crisis?

The Rise of Supersalaries

Cohabitation in the Upper Centile

9.

Inequality of Labor Income

Wage Inequality: A Race between Education and Technology?

The Limits of the Theoretical Model: The Role of Institutions

Wage Scales and the Minimum Wage

How to Explain the Explosion of Inequality in the United States?

The Rise of the Supermanager: An Anglo-Saxon Phenomenon

Europe: More Inegalitarian Than the New World in 1900–1910

Inequalities in Emerging Economies: Lower Than in the United States?

The Illusion of Marginal Productivity

The Takeoff of the Supermanagers: A Powerful Force for Divergence

10.

Inequality of Capital Ownership

Hyperconcentrated Wealth: Europe and America

France: An Observatory of Private Wealth

The Metamorphoses of a Patrimonial Society

Inequality of Capital in Belle Époque Europe

The Emergence of the Patrimonial Middle Class

Inequality of Wealth in America

The Mechanism of Wealth Divergence:

r

versus

g

in History

Why Is the Return on Capital Greater Than the Growth Rate?

The Question of Time Preference

Is There an Equilibrium Distribution?

The Civil Code and the Illusion of the French Revolution

Pareto and the Illusion of Stable Inequality

Why Inequality of Wealth Has Not Returned to the Levels of the Past

Some Partial Explanations: Time, Taxes, and Growth

The Twenty-First Century: Even More Inegalitarian Than the Nineteenth?

11.

Merit and Inheritance in the Long Run

Inheritance Flows over the Long Run

Fiscal Flow and Economic Flow

The Three Forces: The Illusion of an End of Inheritance

Mortality over the Long Run

Wealth Ages with Population: The μ ×

m

Effect

Wealth of the Dead, Wealth of the Living

The Fifties and the Eighties: Age and Fortune in the Belle Époque

The Rejuvenation of Wealth Owing to War

How Will Inheritance Flows Evolve in the Twenty-First Century?

From the Annual Inheritance Flow to the Stock of Inherited Wealth

Back to Vautrin’s Lecture

Rastignac’s Dilemma

The Basic Arithmetic of Rentiers and Managers

The Classic Patrimonial Society: The World of Balzac and Austen

Extreme Inequality of Wealth: A Condition of Civilization in a Poor Society?

Meritocratic Extremism in Wealthy Societies

The Society of Petits Rentiers

The Rentier, Enemy of Democracy

The Return of Inherited Wealth: A European or Global Phenomenon?

12.

Global Inequality of Wealth in the Twenty-First Century

The Inequality of Returns on Capital

The Evolution of Global Wealth Rankings

From Rankings of Billionaires to “Global Wealth Reports”

Heirs and Entrepreneurs in the Wealth Rankings

The Moral Hierarchy of Wealth

The Pure Return on University Endowments

What Is the Effect of Inflation on Inequality of Returns to Capital?

The Return on Sovereign Wealth Funds: Capital and Politics

Will Sovereign Wealth Funds Own the World?

Will China Own the World?

International Divergence, Oligarchic Divergence

Are the Rich Countries Really Poor?

Part Four: Regulating Capital in the Twenty-First Century

13.

A Social State for the Twenty-First Century

The Crisis of 2008 and the Return of the State

The Growth of the Social State in the Twentieth Century

Modern Redistribution: A Logic of Rights

Modernizing Rather Than Dismantling the Social State

Do Educational Institutions Foster Social Mobility?

The Future of Retirement: Pay-As-You-Go and Low Growth

The Social State in Poor and Emerging Countries

14.

Rethinking the Progressive Income Tax

The Question of Progressive Taxation

The Progressive Tax in the Twentieth Century: An Ephemeral Product of Chaos

The Progressive Tax in the Third Republic

Confiscatory Taxation of Excessive Incomes: An American Invention

The Explosion of Executive Salaries: The Role of Taxation

Rethinking the Question of the Top Marginal Rate

15.

A Global Tax on Capital

A Global Tax on Capital: A Useful Utopia

Democratic and Financial Transparency

A Simple Solution: Automatic Transmission of Banking Information

What Is the Purpose of a Tax on Capital?

A Blueprint for a European Wealth Tax

Capital Taxation in Historical Perspective

Alternative Forms of Regulation: Protectionism and Capital Controls

The Mystery of Chinese Capital Regulation

The Redistribution of Petroleum Rents

Redistribution through Immigration

16.

The Question of the Public Debt

Reducing Public Debt: Tax on Capital, Inflation, and Austerity

Does Inflation Redistribute Wealth?

What Do Central Banks Do?

The Cyprus Crisis: When the Capital Tax and Banking Regulation Come Together

The Euro: A Stateless Currency for the Twenty-First Century?

The Question of European Unification

Government and Capital Accumulation in the Twenty-First Century

Law and Politics

Climate Change and Public Capital

Economic Transparency and Democratic Control of Capital

Conclusion

The Central Contradiction of Capitalism:

r

>

g

For a Political and Historical Economics

The Interests of the Least Well-Off

Notes

Contents in Detail

List of Tables and Illustrations

Index

Tables and Illustrations

Tables

Table 1.1. Distribution of world GDP, 2012

Table 2.1. World growth since the Industrial Revolution

Table 2.2. The law of cumulated growth

Table 2.3. Demographic growth since the Industrial Revolution

Table 2.4. Employment by sector in France and the United States, 1800–2012

Table 2.5. Per capita output growth since the Industrial Revolution

Table 3.1. Public wealth and private wealth in France in 2012

Table 5.1. Growth rates and saving rates in rich countries, 1970–2010

Table 5.2. Private saving in rich countries, 1970–2010

Table 5.3. Gross and net saving in rich countries, 1970–2010

Table 5.4. Private and public saving in rich countries, 1970–2010

Table 7.1. Inequality of labor income across time and space

Table 7.2. Inequality of capital ownership across time and space

Table 7.3. Inequality of total income (labor and capital) across time and space

Table 10.1. The composition of Parisian portfolios, 1872–1912

Table 11.1. The age-wealth profile in France, 1820–2010

Table 12.1. The growth rate of top global wealth, 1987–2013

Table 12.2. The return on the capital endowments of US universities, 1980–2010

Illustrations

Figure I.1. Income inequality in the United States, 1910–2010

Figure I.2. The capital/income ratio in Europe, 1870–2010

Figure 1.1. The distribution of world output, 1700–2012

Figure 1.2. The distribution of world population, 1700–2012

Figure 1.3. Global inequality 1700–2012: divergence then convergence?

Figure 1.4. Exchange rate and purchasing power parity: euro/dollar

Figure 1.5. Exchange rate and purchasing power parity: euro/yuan

Figure 2.1. The growth of world population, 1700–2012

Figure 2.2. The growth rate of world population from Antiquity to 2100

Figure 2.3. The growth rate of per capita output since the Industrial Revolution

Figure 2.4. The growth rate of world per capita output from Antiquity to 2100

Figure 2.5. The growth rate of world output from Antiquity to 2100

Figure 2.6. Inflation since the Industrial Revolution

Figure 3.1. Capital in Britain, 1700–2010

Figure 3.2. Capital in France, 1700–2010

Figure 3.3. Public wealth in Britain, 1700–2010

Figure 3.4. Public wealth in France, 1700–2010

Figure 3.5. Private and public capital in Britain, 1700–2010

Figure 3.6. Private and public capital in France, 1700–2010

Figure 4.1. Capital in Germany, 1870–2010

Figure 4.2. Public wealth in Germany, 1870–2010

Figure 4.3. Private and public capital in Germany, 1870–2010

Figure 4.4. Private and public capital in Europe, 1870–2010

Figure 4.5. National capital in Europe, 1870–2010

Figure 4.6. Capital in the United States, 1770–2010

Figure 4.7. Public wealth in the United States, 1770–2010

Figure 4.8. Private and public capital in the United States, 1770–2010

Figure 4.9. Capital in Canada, 1860–2010

Figure 4.10. Capital and slavery in the United States

Figure 4.11. Capital around 1770–1810: Old and New World

Figure 5.1. Private and public capital: Europe and America, 1870–2010

Figure 5.2. National capital in Europe and America, 1870–2010

Figure 5.3. Private capital in rich countries, 1970–2010

Figure 5.4. Private capital measured in years of disposable income

Figure 5.5. Private and public capital in rich countries, 1970–2010

Figure 5.6. Market value and book value of corporations

Figure 5.7. National capital in rich countries, 1970–2010

Figure 5.8. The world capital/income ratio, 1870–2100

Figure 6.1. The capital-labor split in Britain, 1770–2010

Figure 6.2. The capital-labor split in France, 1820–2010

Figure 6.3. The pure rate of return on capital in Britain, 1770–2010

Figure 6.4. The pure rate of return on capital in France, 1820–2010

Figure 6.5. The capital share in rich countries, 1975–2010

Figure 6.6. The profit share in the value added of corporations in France, 1900–2010

Figure 6.7. The share of housing rent in national income in France, 1900–2010

Figure 6.8. The capital share in national income in France, 1900–2010

Figure 8.1. Income inequality in France, 1910–2010

Figure 8.2. The fall of rentiers in France, 1910–2010

Figure 8.3. The composition of top incomes in France in 1932

Figure 8.4. The composition of top incomes in France in 2005

Figure 8.5. Income inequality in the United States, 1910–2010

Figure 8.6. Decomposition of the top decile, United States, 1910–2010

Figure 8.7. High incomes and high wages in the United States, 1910–2010

Figure 8.8. The transformation of the top 1 percent in the United States

Figure 8.9. The composition of top incomes in the United States in 1929

Figure 8.10. The composition of top incomes in the United States, 2007

Figure 9.1. Minimum wage in France and the United States, 1950–2013

Figure 9.2. Income inequality in Anglo-Saxon countries, 1910–2010

Figure 9.3. Income inequality in Continental Europe and Japan, 1910–2010

Figure 9.4. Income inequality in Northern and Southern Europe, 1910–2010

Figure 9.5. The top decile income share in Anglo-Saxon countries, 1910–2010

Figure 9.6. The top decile income share in Continental Europe and Japan, 1910–2010

Figure 9.7. The top decile income share in Europe and the United States, 1900–2010

Figure 9.8. Income inequality in Europe versus the United States, 1900–2010

Figure 9.9. Income inequality in emerging countries, 1910–2010

Figure 10.1. Wealth inequality in France, 1810–2010

Figure 10.2. Wealth inequality in Paris versus France, 1810–2010

Figure 10.3. Wealth inequality in Britain, 1810–2010

Figure 10.4. Wealth inequality in Sweden, 1810–2010

Figure 10.5. Wealth inequality in the United States, 1810–2010

Figure 10.6. Wealth inequality in Europe versus the United States, 1810–2010

Figure 10.7. Return to capital and growth: France, 1820–1913

Figure 10.8. Capital share and saving rate: France, 1820–1913

Figure 10.9. Rate of return versus growth rate at the world level, from Antiquity until 2100

Figure 10.10. After tax rate of return versus growth rate at the world level, from Antiquity until 2100

Figure 10.11. After tax rate of return versus growth rate at the world level, from Antiquity until 2200

Figure 11.1. The annual inheritance flow as a fraction of national income, France, 1820–2010

Figure 11.2. The mortality rate in France, 1820–2100

Figure 11.3. Average age of decedents and inheritors: France, 1820–2100

Figure 11.4. Inheritance flow versus mortality rate: France, 1820–2010

Figure 11.5. The ratio between average wealth at death and average wealth of the living: France, 1820–2010

Figure 11.6. Observed and simulated inheritance flow: France, 1820–2100

Figure 11.7. The share of inherited wealth in total wealth: France, 1850–2100

Figure 11.8. The annual inheritance flow as a fraction of household disposable income: France, 1820–2010

Figure 11.9. The share of inheritance in the total resources (inheritance and work) of cohorts born in 1790–2030

Figure 11.10. The dilemma of Rastignac for cohorts born in 1790–2030

Figure 11.11. Which fraction of a cohort receives in inheritance the equivalent of a lifetime labor income?

Figure 11.12. The inheritance flow in Europe, 1900–2010

Figure 12.1. The world’s billionaires according to

Forbes,

1987–2013

Figure 12.2. Billionaires as a fraction of global population and wealth, 1987–2013

Figure 12.3. The share of top wealth fractiles in world wealth, 1987–2013

Figure 12.4. The world capital/income ratio, 1870–2100

Figure 12.5. The distribution of world capital, 1870–2100

Figure 12.6. The net foreign asset position of rich countries

Figure 13.1. Tax revenues in rich countries, 1870–2010

Figure 14.1. Top income tax rates, 1900–2013

Figure 14.2. Top inheritance tax rates, 1900–2013

Index

Abu Dhabi Investment Authority, 456–457

Accounting: national, 55–59, 92, 230, 269; corporate, 203

Accumulation of wealth.

See

Wealth accumulation

Accumulation principle, infinite, 7–11, 228

Acemoglu, Daron, 624n20, 639nn45,48

Africa: production in, 60–61; income and, 63–64, 66, 68–69, 586nn33,34; growth in, 75, 78–79, 94, 388; capital/income ratio in, 195, 461–462; taxes and, 491; capital outflow from, 539.

See also

North Africa; South Africa; Sub-Saharan Africa

Age-wealth profile, 393–399

Agricultural land: in Britain and France, 117, 119; in Germany, 141; in America, 151–152; elasticity of substitution and, 222–223

Albert, Michel, 592n5

Allais, Maurice, 642n17, 641n40

Allen, Robert, 224–225, 580n5, 598n4

Alternative investments, 449–450, 454, 456

Althusser, Louis, 655n2

Alvaredo, Facundo, 17

America: income and, 63, 68; birth rate and, 79; growth in, 93; capital in, 140, 150–158; structure of inequality in, 152.

See also

North America

“American exceptionalism,” 484

American Revolution, 30, 493

Ancien Régime, 104, 106; public debt and,

127, 129, 183; inequality and, 251, 263–264, 341–342, 480; taxation and, 493, 501

Anderson, Gosta Esping, 587n5

Andrieu, Claire, 591n18

“Annuitized wealth,” 384, 391–392

Aristocats, The

(cartoon), 365–366

Arnault, Bernard, 626n33

Arrow, Kenneth, 654n56

Asia: income and, 63, 66, 68, 585n24, 586n34; investment in, 70–71; growth in, 78–79, 82, 94, 99; capital/income ratio in, 195; financial crisis in, 535

Assets: public, 135–139; prices of, 169–172, 187–191, 452–453, 626n31; financial, 209, 627n43; real and nominal, 209–212, 598n11; size effects of, 453–454; taxation of, 518.

See also

Net asset positions; Wealth

Asset structure, twenty-first

vs.

eighteenth century, 118–120, 122–123

Atkinson, Anthony, 17, 18, 343, 581nn21,23, 582n36, 606n33, 610n26, 614n32, 622n60, 638n35

Austen, Jane, fiction of, 2, 53–54, 105–106, 241, 411–412, 415–516, 619n36, 620n40, 621n52;

Sense and Sensibility,

113, 362, 413–414;

Mansfield Park,

115, 120–121, 207;

Persuasion,

362

Austerity, public debt and, 541, 545–546

Australia, 174, 177–178

Autrer, Matthieu, 641n4

Badiou, Alain, 655n2

Bagnall, Roger S., 612n10

Bakija, Jon, 607n42

Balassa-Samuelson model, 586n28

Balzac, Honoré de, fiction of, 2, 53–54, 207, 411, 415–416, 601n2, 619n36;

Père Goriot

, 104, 106, 113–115, 238–240, 343, 412, 440, 590n3, 620n43;

César Birotteau

, 115, 207, 214, 412–413, 590nn2,3, 615n34, 624n15

Banerjeee, Abhijit, 17, 611n32, 634n49

Banking information: automatic transmission of, 516, 520, 521–524, 529; Cyprus crisis and, 554–555

Bank of England, 551–552, 557

Bank of Japan, 551, 557, 649n22

Banks, central.

See

Central banks

Banque de France, 649n25

Barro, Robert, 135

Barry, Redmond, 620n40

Baudelot, Christian, 605n20

Bebchuk, Lucian, 611n35

Becker, Gary, 385, 616n7, 621n55

Beckert, Jens, 614n22, 616n6, 637n25, 638n33

Béguin, K., 598n7

Belle Époque, 106, 127, 132; capital/income ratio and, 148, 152, 154, 196; income inequality in, 263–264, 266–267, 272, 282, 322; inequality of capital ownership in, 339, 342–345, 369–370; age and fortune in, 393–396

Bernstein, Eduard, 219

Bettencourt, Liliane, 440–441, 525, 642n14

Bill and Melinda Gates Foundation, 626n32

Billionaires, 433–434, 444–446, 458–459, 463, 623n7, 624n13

Birth rates, 78–83, 587n4, 588n7

Bjorklund, Anders, 631n26

Blank, Rebecca, 608n12, 640n53

Boisguillebert, Pierre le Pesant sieur de, 56, 590n1

Book

vs.

market value, 189–191

Borgerhoff Mulder, Monique, 597n33

Bourdieu, Jérôme, 612nn4,9

Bourdieu, Pierre, 486

Bourguignon, François, 585n20

Boutmy, Emile, 487

Bouvier, Jean, 225, 582n34

Bowley, Arthur, 219, 599nn19, 20

Bozio, Antoine, 633n46

Brady, H., 640n52

Britain: data from, 28, 56–57; national income and, 68–69; growth in, 98–99, 174–175, 510–511; monetary system of, 105, 589–590nn28,29; per capita income in, 106, 122, 590–591n8,9; inflation in, 107, 133, 142, 149; capital in, 116–127, 148–149; foreign capital/assets and, 117–119, 148, 191–192, 590n7; public debt of, 124–126, 127, 129–131, 133, 591n10, 591n12; public assets in, 136, 138; Canada and, 157–158; savings in, 177–178; capital-labor split in, 200–201, 204, 205, 206–208, 216, 224–225, 229; taxation and, 338, 498–499, 501, 505, 507–512, 636n16, 638nn33,34,35; wealth distribution in, 343–344, 346; inheritances in, 426–427; taxes as share of national income in, 475–476, 629n6; social state in, 477–478, 629n12, 631n25

Brown, Frederick, 219–220

Bubbles, 172, 193, 596n27, 597n30; beyond, 173–183

Buffet, Warren, 624n14

Bush, George W., 309

Cagé, Julia, 633n48

Caillaux, Joseph, 637n24

Campion, H., 591n19

Canada, 66; in US-Canada bloc, 62–63; capital in, 140, 157–158; foreign capital/assets in, 157–158; growth rate of, 174; savings in, 177–178

“Capabilities” approach, 480

Capital: human and nonhuman, 21–22, 42, 46–47; types of, 42, 46; depreciation and, 43–44; defined, 45–47, 123; private

vs.

public, 46–47; and wealth, 47–50; economic functions of, 48; domestic

vs.

foreign, 49, 118–119; immaterial, 49; residential

vs.

productive, 51–52; rents and, 423–424; reproduction of itself, 440.

See also

Foreign capital/assets; National wealth/capital; Private wealth/capital; Public wealth/capital; Rate of return on capital

Capital

(Marx), 9, 225, 229

Capital, income from, 18, 21, 53; reduction in, 271–275, 336–337; in twenty-first century, 277–278, 301–302; top decile and, 279–281, 290, 295, 301, 604–605n12; underestimation of, 281–284, 294, 606n26; taxation on, 507–508.

See also

Inequality of capital ownership

Capital, metamorphoses of: nature of wealth and, 113–116; in Britain and France, 113–139; asset structure (private) and, 116–120, 122–123; foreign capital and, 120–123; public and private wealth and, 123–129; public debt and, 129–134; Ricardian equivalence and, 134–135; public assets and, 135–139; in Germany, 140–146; twentieth century shocks and, 146–150; in the United States, 150–156, 158–163; in Canada, 157–158

Capital accumulation, golden rule of, 563–567

Capital controls, 515–516, 534–536

Capital gains: treatment of, 283, 295, 609n13; United States and, 293, 295, 296

Capital/income ratio, 19, 25–26, 164–199; evolution of, 42; defined, 50–52; fundamental laws of capitalism and, 52–55, 166–170; in Britain and France, 117–118, 126; collapse and recovery of, 146–150, 275; in the United States, 150–155; capital’s comeback and, 170–173, 290; beyond bubbles and, 173–183; privatization and, 183–187; rebound of asset prices and, 187–191; national capital and net foreign assets and, 191–194; land values and, 196–198; capital-labor split and, 199–203, 232–233; falling rate of profit and, 229; flow of inheritances and, 383–384; world, 460–461

Capitalism, 1; misery of, 7–8, 446–447; Marx on, 7–11, 227–230, 565; author’s view of, 31; first fundamental law of, 52–55, 199; second fundamental law of, 55, 166–170; financial, 58, 515; key aspects of, 116–118; without capitalists, 135–139; Rhenish, 140–146, 191, 511; patrimonial, 154–155, 173, 237, 471; illusion of end of, 350, 381, 397; crisis of 2008 and, 472–474; control of, 518, 523, 532–537, 562, 570; central contradiction of, 571–573

Capital-labor split, 8, 39–45, 199–234; capital/income ratio and, 199–203, 232–233; return on capital and, 199–217; flows and, 203–204; real and nominal assets and, 209–212; marginal productivity of capital and, 212–217; elasticity of substitution and, 216–224; stability of, 217–220, 231–232; human capital and, 223–224; medium-term changes in, 224–227, 288; falling rate of profit and, 227–230; “two Cambridges” and, 230–232; capital’s comeback and, 232–233, 290–291; technology and, 234

Capital stock, 50–51, 113, 119; first fundamental law of capitalism and, 52–55, 199; accumulation of, 166–170; too much, 212, 215–217, 223, 227–230; inherited wealth and, 401–404, 410

Capital tax.

See

Global tax on capital; Taxation, on capital

Carbon tax, 654n55

Carpentier, Vincent, 632n34

Card, David, 313, 608n10

Castel, Robert, 608n9

Categorical or schedular tax, 501

Centile, upper/top, 251, 252–254, 259–264, 267, 301; in twentieth century, 272, 275, 284–286; in twenty-first century, 277–278; world of, 278–281; underestimation of, 281–284; wages and, 290–292, 296, 298–300, 314–315, 618n29; cohabitation in, 300–303; evolution of by country and region, 315–322, 326–327, 329, 609–610nn13,14,15,16,17,18,19, 610nn22,23,25; wealth distribution and, 339–346, 348–349, 365–366, 438–439, 509, 643n25; work

vs.

inheritance and, 408–411; return on capital and, 431; oligarchic divergence and, 463; taxation and, 496

Centiles, measurement and, 252–255, 269–270, 286

Central banks, 472–473, 648n20, 649n22; Cyprus crisis and, 519, 553–556; financial stability and, 547–553, 555–556

César Birotteau

(Balzac), 115, 207, 214, 412–413

Chabert, A., 600n29

Challenges

wealth rankings, 442, 624n18

Charles X, 613n21

Chavagneux, Christian, 628n56

China: income and, 62–64, 66; growth in, 82, 99, 329, 429; income inequality in, 326–327, 610n27, 646n42; assets of, 463, 627–628n50; taxes in, 491, 492; regulation in, 535–536

Civil Code, 362–366, 614n23

Clark, Gregory, 591n15

Class designations, 250–252

Climate change, 567–569

Clinton, Bill, 309

Cobb, Charles, 599n18

Cobb-Douglas production function, 217–220, 599n17, 600n25

Cole, Adam, 607n42

Colonial empires, 120–121

Colonial era, 44–45

Colqhoun, Patrick, 230

Colson, Clément, 57, 591n19, 617n10

Columbia, 327, 329

“Common utility,” 480, 630n20

Communist Manifesto, The

(Marx), 8–9, 225

Communist movements, 8, 10

Competition: pure and perfect, 30, 212, 214, 312–313, 332, 639–640n48; fiscal, 208, 221, 355–356, 373, 375, 422, 496, 562; inheritance and unrestricted, 423–424

Concentration effects

vs.

volume effects, 410

Condorcet, marquis de, 363, 654n56

Confiscatory tax rates, 473; executive income and, 505–508; fiscal progressivity and, 512–514

Conservative revolution, 98, 138–139, 333, 511, 549

Consumption taxes, 494, 496, 651n37

Continental blocs, 59–61, 68

Contributive justification, 524–525

Convergence, 21–22, 27, 571; forces favoring, 69–71; global, 72

Corporations, 156, 203, 332; taxation on profits of, 560–561, 650–651n33, 651n36

Creative accounting, 214

Crédit Suisse, 437, 623n10

Cross-investments, 194

Crouzet, François, 591n11

Cumulative growth, law of, 74–77

Cumulative returns, law of, 75, 77

Cyprus banking crisis, 519, 553–556

Damages

(TV series), 419

Data: importance of, 2–3; national income as, 11–13, 56–59, 584n18; on income, 16–17; on wealth, 17–20; geographical and historical boundaries of, 27–30; developing countries and, 58–59

Daumond, Adeline, 582n33

Davies, James B., 638n8

Debreu, Claude, 654n56

Debt.

See

Public debt

Decile, upper/top, 251–253, 256–260, 261–264; in twentieth century, 271–273, 275–276, 284–286, 288; world of, 278–281; underestimation of, 281–284, 294–295; wages and, 290–294, 296–299, 314–315; wealth distribution and, 322–324, 339–346, 348–349, 365–366, 438–439; return on capital and, 431

Deciles, measurement and, 251–255, 601n5, 602n20; interdecile ratios and, 267–269, 603nn23,24

Declaration of Independence (US) (1776), 479

Declaration of the Rights of Man and the Citizen (1789), 479–480

Defensive nationalism, 539

Deflation, 285

De Foville, Alfred, 57, 617n10

De Gaulle, Charles, 289

Delalande, Nicolas, 635n13

Dell, Fabien, 17, 615n38, 645n37

Democracy: challenge to, 21, 26–27; rentiers and, 422–424; transparency and, 518–521; control of capital and, 569–570, 573

Demographic growth, 72–75, 174; stages of, 77–80; negative, 80–83; bell curve of global, 99, 589n24; decreased, 166–168

Demographic transition, 3–4, 29–30, 78–79, 81–82

Denmark, 495

Depreciation, 43, 178

Deregulation movement, 138–139

Di Bartolomeo, G., 637n26

“Difference principle” (Rawls), 480

Dirty Sexy Money

(TV series), 419

Disposable income, 180–182

Distribution, equilibrium, 361–366

Distribution of wealth: factorial

vs.

individual, 40, 583n3; national accounting and, 55–59; global, 59–69; regional blocs and, 61–64; upper centiles and deciles and, 322–324, 339–346, 348–349, 365–366; in France, 337–343, 346, 364–366; in Britain, 343–344, 346; in Europe, 343–345, 350; in Sweden, 344–345, 346–347; in the United States, 347–350; return on capital and unequal, 361, 571–572.

See also

Global inequality of wealth; Inheritance, dynamics of

Distribution of wealth debate: data and, 2–3, 11–13, 16–19, 27–30; classical political economy and, 3–5; scarcity principle and, 5–7; infinite accumulation principle and, 7–11; postwar optimism and, 11–15; in economic analysis, 15–16; historical sources and, 19–20; results of current study in, 20–22; forces of convergence and divergence and, 22–27; theoretical and conceptual framework and, 30–33

Distribution tables, 267, 269–270

Divergence, 22–27, 424, 571; Europe and North America and, 59–61; supermanagers and, 333–335; mechanism of wealth, 350–353, 431; global, 438–439, 461–463; oligarchic, 463–465, 627n49

Divisia, François, 591n19

Django Unchained

(film), 163

Domar, Evsey, 230–231

Domestic capital, 49; in Britain and France, 117–119; in Germany, 141, 143; in the United States, 150–151, 155; in Canada, 157; slavery and, 158–163, 593n16

Domestic output/production, 44–45, 598n3

Douglas, Paul, 599n18

Dowries, 392, 418

Duflo, Esther, 634n49

Duncan, G., 632n30

Dunoyer, Charles, 85

Dupin, Jean, 591n19

Durable goods and valuables, 179–180, 594n13

Durkheim, Emile, 422, 621n55

Duval, Guillaume, 592n6

Earned and unearned income: inheritances and, 377–379, 390; taxation and, 507–508

Eastern bloc countries, privatization in, 186–187

ECB (European Central Bank), 530, 545, 550–552, 553, 557–558, 649n26

“Ecological stimulus,” 568

Economic determinism, 20

Economic flows, 381–383

Economic growth, 72–74, 84, 93–94; stages of, 86–87; in postwar period, 96; social order and, 96.

See also

Per capita output growth

Economics, 3, 10, 32–33, 573–577

Economies of scale, portfolio management and, 431, 440, 450–451

Educational system: convergence and, 22, 71; technology and, 304–307; inequality and, 313, 314–315, 419–420, 608–609n12, 632n36; public spending in, 477, 482, 629n14; social mobility and, 484–487

Egypt, 538

Elasticity of substitution, 216–224, 600n32

Emerging economies: inequality of labor income and, 326–330; inheritances in, 428–429; social state in, 490–492, 633n49

Engels, Friedrich, 9, 579n4

English Revolution, 30

Entails, 362–363, 451

Entrepreneurial income, 204

Entrepreneurial labor, 41

Entrepreneurs in wealth rankings, 439–443

Equalization and growth, 83–85.

See also

Convergence

Equations:

r

>

g

, 25–27, 353–358, 361, 365–366, 375–376, 395–396, 424, 563–564, 571–572, 614n26; β =

s / g

, 33, 50–55, 166–170, 187, 228, 230–232; α = r × β, 33, 52–55, 168–169, 199, 213, 216–217;

g

=

s

/ β, 230–231;

r

−

g,

364–366, 431, 451;

b

y

= μ ×

m

× β, 383;

r

=

g,

563; α =

s

and α >

s

, 563–564

Equilibrium distribution, 361–366

Equipartition, 362–363, 365

Erreygers, G., 637n29

Estate devolution, rate of, 389, 617n10

Estate tax, 337–339, 355, 497; returns as source of data, 18–19; accumulation of wealth and, 374–375; progressive, 502–505, 507

European Aeronautic, Defense, and Space Co. (EADS), 445

European Central Bank.

See

ECB (European Central Bank)

European Commission, 553

European Constitutional Treaty, 650n30

European Parliament, 559

European wealth tax, 527–530

Europe/European Union: global production and, 59–61; as regional bloc, 61–66, 68–69, 585n22; demographic growth in, 78–79, 81–82; economic growth of, 86–87, 93–95, 96–98, 99, 174, 595n20; inequalities in capital ownership in, 243–345; income inequalities in, 247–250, 255, 321–323; wealth distribution in, 343–345, 350, 643nn24,25; inheritances and, 424–427; net assets of, 463–464, 627n50; taxes in, 475–476, 490; social state in, 477–478, 630n17; social model of, 481; directive on foreign savings of, 522–524; public debt and, 556–562; budgetary parliament for, 559–560, 650n28; mutualizing public debt in, 650n31.

See also

Belle Époque

Eurozone, 108, 544–545, 554–562; deficits debate in, 565–567, 653n47

Exchange rates, 64–67, 585–586n25

Executives: compensation of, 331–335, 639n47, 640n49; confiscatory tax on income of, 505–512.

See also

Managers

Fack, Gabrielle, 626n34

Factorial distribution, 40, 583n3

Family fortunes: shocks and, 362, 364, 369; taxation and, 374; desire to perpetuate, 391–392, 400

Farmland, as capital: in Britain and France, 117, 119, 122–123, 590n1; in Germany, 141; in America, 150–152, 155; pure value of, 197

Favre, P., 633n42

Federal Reserve, 474, 548–552, 557

Fertility.

See

Birth rates

Financial assets, 209, 627n43; prices of, 171–172, 187–191, 452–453

Financial crisis (2008), 296–298, 472–474, 549–550, 558

Financial globalization, 193–194, 355, 430

Financial intermediation, 205, 214, 233, 430–431, 453, 541

Financial legal structures, 451–452

Financial markets, 49, 58, 476

Financial professions, 303

Fiscal flows, 381–382

Fiscal pressure, 208

Fiscal transactions tax, 651n38

Fisher, Irving, 506

Fitoussi, Jean-Paul, 603n25

Flat tax, 495, 500–501

Fleurbaey, Marc, 631n23

Flows: capital-labor split and, 203–204; of annual inheritances, 379–382

Fogel, Robert, 159

Forbes, Steve, 442, 624n19

Forbes

wealth rankings, 432–434, 439–443, 458, 518, 625n23

Foreign Account Tax Compliance Act (FATCA), 522–524

Foreign capital/assets, 49–50; convergence and, 69–71; in Britain and France, 117–119, 148, 590n7; rise and fall of, 120–123, 369–370; in Germany, 141–142, 596n25; in the United States, 151, 155–156; New World and, 155–157; in Canada, 157–158; national capital and, 191–194; convergence and, 587n36

Foundations, as private wealth/capital, 182–183, 451–452, 626nn32,33

Fourquet, François, 585n19

France: growth in, 4, 81–82, 98, 174; estate tax in, 18–19, 337–339; data from, 28–30, 56–57, 604n8; national income and, 68–69; purchasing power and, 88–89; employment by sector in, 91; monetary system of, 104, 589n27, 590n29; per capita income in, 106, 122, 590n31, 590–591n8,9; inflation in, 107–108, 133, 149, 545, 546; capital in, 116–127, 148–149; foreign capital/assets and, 117–119, 148, 191–192, 590n7, 596n29; public debt of, 124–126, 127, 129, 132–133, 591nn13,14, 592n8; taxation in, 129, 275, 365, 370, 496, 498–505, 507, 605n16, 634n5, 635–636n15, 635n11; capitalism without capitalists in, 135–139; public assets in, 136–139, 184; savings in, 177–178; capital-labor split in, 201, 204, 205, 206–208, 216, 225–227; inequality in, 271–281, 284–291; wealth distribution in, 337–343, 346, 364–366; inheritances in, 379–382, 385–396, 399, 402–409, 418, 420–421, 427; mortality rate in, 385–388, 616n9; voting rights in, 424, 622n58; taxes as share of national income in, 475–476, 629n6; social state and, 478, 495, 630n16; wealth tax in, 533, 643–644n26, 645n38

France Telecom, 139

French Revolution: data and, 29–30, 56; inflation and, 104; wealth distribution and, 341–342, 362–363; Civil Code and, 364–366; progressivity and, 532

Fried, Jesse, 611n35

Friedman, Milton, 548–549

Furet, François, 225, 575–576, 582n34

Gabaix, Xavier, 639n47

Gadenne, Lucie, 633n48

Galichon, Alfred, 641n4

Gates, Bill, 440–441, 444–445, 624nn14,20, 626n32

GDP, defined, 43

Generational warfare, 22, 246

Germany: national income and, 68–69; inflation in, 107–108, 142, 149, 545, 546; capital in, 140–146; foreign capital/assets and, 141–142, 192, 596n25; public debt in, 647n10, 142; growth and, 174; savings in, 177–178; public wealth and, 184; between the two wars, 324–325; inheritances in, 425–426, 427; taxation and, 476, 498–500, 504–505, 507

Giffen, Robert, 56–57, 584n17

Gifts, inheritance flows and, 392–393, 425–427

Gilded Age, 348–350, 506

Gilet, M., 582n34, 600n27

Gini coefficient, 243, 266–267, 286, 603n22, 623n12

Global distribution of production, 59–61; regional blocs and, 61–64; inequality and, 64–69

Global inequality of wealth, 59–69, 430–467; return on capital and, 430–432; wealth rankings and, 432–436; “Global Wealth Reports” and, 436–439; divergence and, 438–439, 463–464; heirs and entrepreneurs and, 439–443; moral hierarchy and, 443–447; university endowments and, 447–452; inflation and, 452–455; sovereign wealth funds and, 455–460; China and, 460–463; rich and poor countries and, 465–467; transparency and, 518–521

Globalization, first and second periods of, 28

Global tax on capital, 515–539, 572–573; as useful Utopia, 515–518; banking information and, 516, 521–524; transparency and, 516, 518–521; purpose of, 518, 520, 524–527; European wealth tax and, 527–530; historical perspective on, 530–534; regulation and, 534–536; petroleum rents and, 537–538; immigration and, 538–539; Eurozone and, 560–561;

vs.

corporate income taxes, 650n32

“Global Wealth Reports,” 436–439

Godechot, Olivier, 605n22

Gold, 595n14

Golden rule of capital accumulation, 563–565, 651–652n40, 652n42; deficit debates and, 565–567

Goldin, Claudia, 306, 314–315, 606n36, 608n12, 640n53

Goldsmith, Raymond, 19, 159, 597n33

Gold standard, 107, 547–548, 589n28

Google, 650n33

Gordon, Robert, 94–95, 586n35

Gotman, Anne, 622n62

Gourinchas, Pierre-Olivier, 597n31, 645n41

Government and security service sector, 91

Government bonds: as capital, 114, 130–133; public debt and, 544

Great Depression: faith in capitalism and, 136–137; reduction in inequality and, 275; managers and, 285; in the United States, 293–294, 506–507; policy and, 473; central banks in, 548–549

Great Recession, 472–474, 553–554

Greece, debt crisis in, 542, 554, 649n26, 650n29

Grenelle Accords, 289

Growth, 72–109; per capita output, 72–74; population, 72–75; law of cumulative, 74–77; demographic, 77–83, 587n4; equalization and, 83–85; economic, 86–87, 375, 588n11; purchasing power and, 87–90; diversification of lifestyles and, 90–93; end of, 93–95; implications of 1 percent, 95–96; in postwar period, 96–99; double bell curve of global, 99–102; inflation and, 102–103; monetary systems and, 103–109; from 1970 to 2010, 173–183; modern, 308; return on capital and, 351, 353–361, 364–366, 430–431, 571–572; wealth rankings and, 432–436; social spending and, 481–482.

See also

Slow growth

Grusky, David B., 639n48

Guesnerie, Roger, 654n52

Hacker, Jacob, 640n52

Harrison, Anne, 18, 343, 582n36

Harrod, Roy, 230–231

Harvard University, 447–450, 485, 626n30, 632n29, 632n32

Hayek, Friedrich, 654n56

Health and education service sector, 90–92, 477, 482, 629n14

Health insurance, public, 477, 486, 629nn12,13

Heim, Bradley T., 607n42

Heirs in wealth rankings, 439–443

Henry, James, 28n56

Hicks, John, 641n12

Higher education access, 485–486

Historical sources, 10, 19–20, 27–30

Hoffman, P., 599n14

Hollande, François, 650n31

Homer, S., 613n16

Hoover, Herbert, 472–473

Household surveys, 329–330

Housing, as capital: in Britain and France, 117, 119–120, 122–123; in Germany, 141, 145; in America, 151, 155; rental value of, 209, 213; middle class and, 260

Human capital, 21–22, 42, 46, 586–587n35; convergence and, 70–71; slavery and, 162–163, 593n18; capital-labor split, 223–224, 234; transmission of, 420; accounting and, 608n3

Hypermeritocratic society, 264–265

Hyperpatrimonial society, 264

Ibiscus

(Tolstoy), 446–447

Identity politics, 539

IMF (International Monetary Fund), 220, 465, 519, 534, 553–554, 646n41

Immigration, 78, 82, 83–84; redistribution through, 538–539, 646n46

Incentive justification, 524, 526–527

Income: per capita, 106, 122, 590n31, 590n31, 590–591n8,9; disposable, 180–182; mixed, 204; from wages, 242; total, 254–255, 263–265; transfers of, 297–298; earned and unearned, 377–379, 390, 507; replacement, 602n9.

See also

Capital, income from; Labor, income from; National income

Income and output: capital-labor split and, 39–43; capital and wealth and, 45–50; capital/income ratio and, 50–52; laws of capitalism and, 52–55; national accounting and, 55–59; global distribution of production and, 59–61; regional blocs and, 61–64; convergence and, 69–71

Income inequality, 15, 242–243; compression of, 12–13, 271–275, 284–286, 293–294, 298; global, 61–69; inherited wealth and, 238–242; labor and capital and, 242–246, 254–255, 255–260; order of magnitude of, 246–250; class designations and, 250–252; deciles/centiles in measuring of, 252–255; total income and, 254–255, 263–265; women and, 256; synthetic indices and, 266–267; distribution tables and, 267, 269–270; official publications and, 267–268.

See also

by country; Inequality of capital ownership; Inequality of labor income

Income sources, 17–18

Income tax, 494, 527; returns as source of data, 12, 16–18, 281–284, 292, 326, 328–329; twentieth century evolution of, 275, 292, 498–502; exemptions and, 282; rise of progressive, 374; Great Depression and, 472; Obama administration and, 473

India: income in, 62–64; growth in, 82, 329, 611n32; taxes in, 491, 492

“Indicial” tax system, 501

Individual distribution, 583n3

Industrial Revolution, 3, 10, 59–61; world growth since, 73–74, 79, 87–89

Inequality: subjective dimension of, 2; political nature of, 20; natural, 85.

See also

Convergence; Divergence; Global inequality of wealth; Income inequality

Inequality, concentration and, 237–270; work

vs.

inheritance and, 238–242; labor

vs.

capital, 242–246, 254, 255–260; orders of magnitude of, 246–250; class designations and, 250–252; deciles/centiles in measuring of, 252–255; total income and, 254, 263–265; patrimonial middle class and, 260–262; justification of, 264; synthetic indices and, 266–267; distribution tables and, 267, 269–270; official publications and, 267–269

Inequality, evolution of, 271–303; twentieth century French reduction of, 271–274; chaotic political history and, 274–276; rentiers to managers and, 276–278; top decile and, 278–281; income tax returns and, 281–284; interwar years and, 284–286; clash of temporalities and, 286–290; increases in post 1980s France of, 290–291; in the United States, 291–303; financial crisis and, 297–298; supersalaries and, 298–300; upper centile and, 300–303

Inequality, structures of, 19, 77, 83, 234, 237–238; patrimonial society and, 260–262, 264, 346–347, 373, 411–414; hypermeritocratic society and, 264–265; social tables and, 270; taxation and, 373–374, 495; change in global, 377–378; “natural,” 411

Inequality of capital ownership, 238–244, 254, 300–303, 336–376; return of capital and growth rate and, 264, 353–361; decline of hyperconcentrated wealth and, 336–337, 350, 368–372, 611–612n3; estate taxes and measurement of, 337–339; Belle Époque Europe and, 339, 342–345, 369–370, 372; wealth distribution and, 339–343; patrimonial society and, 346–347; in the United States, 347–350; mechanism of wealth divergence and, 350–353; time preference and, 358–361; equilibrium distribution and, 361–364; Civil Code and French Revolution and, 362–366; Pareto law and, 366–368; failure to return to past levels of, 368–375; in the twenty-first century, 375–376.

See also

Global inequality of wealth; Inheritance, dynamics of

Inequality of labor income, 238–244, 254, 263, 300, 304–335; in twenty-first century, 277–278; top decile and, 279–281, 290–293, 295–299; in the United States, 291–296, 314–315; supersalaries and, 298–300; wages and, 304–307, 310–313; marginal productivity and, 304–308, 311, 314–315, 330–333; role of institutions and, 307–310; supermanagers and, 315–321, 333–335; Europe and, 321–325, 609n16; emerging economies and, 326–330

Infinite accumulation principle, 7–11, 228

“Infinite horizon” model, 360, 613nn18–19

Inflation: and growth, 102–103; French Revolution and, 104; twentieth century, 106–109, 142, 149; redistribution via, 133–134; assets and, 210–212, 599n13; return on capital and, 452–455; public debt and, 541, 544–547, 648nn13,17

Inheritance, dynamics of, 377–429; flows and, 379–382; three forces in, 383–385; life expectancy and, 385–390; age-wealth profile and, 390–396; impact of war on, 396–398; in the twenty-first century, 398–401, 418–421, 610nn32,34; stock of inherited wealth and, 401–404; Vautrin’s lecture and, 404–406; Rastignac’s dilemma and, 407–409; rentiers and managers and, 410–411, 418–424; patrimonial society and, 411–414, 619nn36–37; as condition of civilization, 415–416; meritocratic model and, 416–420; global and European, 424–429

Inheritance society, 351–353

Inherited wealth, 18–19, 26, 29; demographics and, 83–84; income from, 238–242, 246; sharp decrease in, 262; renewed importance of, 290; return on capital and, 351–353; taxation and, 493, 497, 502–503, 508, 525–526, 637–638n32

Intellectual property, 49

Interdecile ratios, 267–269, 603nn23,24

Interest, efforts to prohibit, 530–531

Interest rates, 52–53, 210, 584n15, 589n10

Intergenerational mobility, 420, 484, 631nn26,27

Intergenerational warfare, 246

International Comparison Program (ICP), 64

International divergence, 463–465

International Monetary Fund.

See

IMF (International Monetary Fund)

Internet bubble, 172

Investments: inequality of, 430–432, 452–455; wealth rankings and, 432–443; university endowments and, 447–452; alternative, 449–450, 454, 456; petroleum and, 455–460, 462; sovereign wealth funds and, 455–460

Iraq, 537–538

Italy: growth rate of, 174, 445; savings in, 177–178, 185; public wealth in, 184–185; wealth tax in, 528–529, 533

Ivanishvili, Bidzina, 625n22

James, Henry, fiction of, 152, 414

Jantt, Markus, 631n28

Japan: national income and, 63–64, 66, 68; growth in, 86, 93, 95, 174–176, 588n10; savings in, 177–178; foreign assets in, 192–194; capital/income ratio in, 195; inequality in, 322, 445; taxation and, 490, 498, 637n31

Japanese bubble, 172, 597n30

Jeanne, Olivier, 645n41

Jefferson, Thomas, 158, 363

Jobs, Steve, 440–441

Joint stock companies, 203

Jones, Alice Hanson, 159, 347

Jones, Charles I., 586n35

Judet de la Combe, P., 644n30

Judicial conservatism, 566, 653n49

Justification of inequality, 264

Kaldor, Nicholas, 231, 601n36, 634n1,

638n35

Kaplan, Steven N., 607n41

Katz, Lawrence, 306, 314–315, 608n12,

640n53

Kennickell, Arthur, 347

Kesztenbaum, Lionel, 612n4

Keynes, John Maynard, 135, 220, 231–232, 600n22, 652n44

King, Gregory, 56, 180, 590n1, 637n28

King, Willford, 348, 506, 613n13

Knowledge and skill diffusion, 21, 71, 313

Kopczuk, Wojciech, 607n38

Kotlikoff-Summers thesis, 428, 622n63

Krueger, Alan, 313, 608n10

Krugman, Paul, 294

Kubrick, Stanley, 620n40

Kuczynski, Jürgen, 219–220, 599n20

Kumhof, Michael, 606n32

Kuwait, 537

Kuznets, Simon, 11–17, 20, 23, 580nn9,11,14, 581nn15–16, 582n36, 603n4

Kuznets Curve, 13–15, 237, 274, 336, 580n14

Labor.

See

Capital-labor split

Labor, income from, 18, 21, 53.

See also

Inequality of labor income

Labrousse, Ernest, 582n34, 600n28

Lagardère, Arnaud, 445

Laissez faire doctrine, 136

Lamont, Michèle, 417–418, 621n49

Lampman, Robert, 18, 582n27

Land: price of, 5–6, 151; rate of return on, 53–54, 613n16; accounting and, 56; values, capital/income ratio and, 196–198, 596n33

Land, as capital, 47, 644n31; in Britain and France, 114, 117–119, 122–123; in Germany, 141; in America, 150–151, 155; rural

vs.

urban, 197–198

Landais, Camille, 605n20, 626n34, 634n4

Landier, Augustin, 639n47

Landowners, Ricardo and, 5–6

Latin America, 62–63, 195, 491

Laval, Pierre, 285

Lavoisier, Antoine, 56

Law of cumulative growth, 74–77

Law of cumulative returns, 75, 77

Laws of capitalism: first fundamental, 52–55; second fundamental, 55, 166–170

Lebeaupin, A., 605n20

Le Bras, Hervé, 587n5, 589n20

Lefranc, Arnaud, 631n26

Le mouvement du profit en France au 19e siècle

(Bouvier, Furet, and Gillet), 575, 576, 582n34, 600n27

Leroy-Beaulieu, Paul, 30, 417, 503–504, 506, 636nn20,21,22, 637n28

Le Van, L., 591n18

Levasseur, Pierre Emile, 617n10

Liberalization, economic, 98–99, 138–139, 492

“Life-cycle theory of wealth,” 384, 391–392, 428

Life expectancy, inheritance and, 385–390, 400

Limited liability corporations, 203

Linder, Peter, 343

Lindert, P., 603n26, 628n3

Liquidity, 472, 548, 551

Lonmin, Inc., 39–40, 570

L’Oréal, 440, 624n15

Lower class, 250–251

Low growth.

See

Slow growth

Lyndon, Barry, 620n40

Maastricht Treaty, 556, 565–566

Maddison, Angus, 28, 59, 66, 74, 585nn20–21, 586n30, 588n10

Mad Men

(TV series), 156

Mahfouz, Naguib, 109

Malinvaud, Edmond, 651n40

Mallet, B., 612n7

Malthus, Thomas, 4–5, 579n1, 580n8

Managers: super, 265, 291, 302–303, 315–321, 333–335; society of, 276–279, 373; Great Depression and, 285; compensation of, 331–335, 505–512, 639n47; basic arithmetic of, 410–411

Mansfield Park

(Austen), 115, 120–121, 207

Marginal productivity: of capital, 69; theory of, 304–308, 311, 314–315, 330–335; top marginal tax rates and, 509–512

Margo, R., 606n36

Marikana tragedy, 39–40, 68, 583n2

Market(s): imperfections of, 27m 312, 423–424; financial, 49, 58, 476; perfect capital, 214; collective decisions and, 569, 654n56

Market

vs.

book value, 189–191

Marx, Karl, 5, 7–11, 27, 531, 565, 579n4, 580nn6,78; falling rate of profit and, 52, 227–230, 600n33; public debt and, 131–132

Marxists, 52, 219, 576, 655n2

Masson, André, 633n43

McGovern, George, 638n33

Meade, James, 582n36, 638n35

Meer, Jonathan, 632n31

Meritocratic model: challenge to, 21, 26–27; extremism and, 334, 416–418, 620n46; belief and hope in, 419–422; education and, 485–487

Middle class, 250–251; patrimonial, 260–262, 346–347, 350

Middle East, 537–538

Milanovic, Branko, 585n20, 603n26

Military expenditures, 628n2

Mill, John Stuart, 638n35

Minimum wage, 308–313, 608n5, 608nn5,6,7,8,9,10

Mittal, Lakshmi, 445, 625n21

Mixed economies, 136–137, 140, 483

Mixed incomes, 204

Mobility: social, 84–85, 484–487; wage, 299–300

Modigliani, Franco, 232, 245, 384, 391, 396, 400, 428, 601n36, 621n55, 622n63

Monetary History of the

:

United States

(Friedman and Schwartz), 548–549

Monetary policy, 548–553

Monetary systems: stability of, 103–105; growth and, 103–109; in France, 104, 589n27, 590n29; in Britain, 105, 589–590nn28,29; in Eurozone, 108; confidence in US dollar and, 156; in Eurozone, 544–545, 554–562, 565–567, 653n47

Money: meaning of, in literature, 105–106, 109; twentieth century inflation and, 106–109; gold standard and, 107, 547–548, 589n28

Monopoly, 214, 444

Monopsony, 214, 312, 608n10

Moral hierarchy of wealth, 443–447

Mortality, differential, 617n15

Mortality multiplier, 612n7

Mortality rate, 383–388

Mullainathan, Sendhil, 611n35

Multinational corporations, 156

Murnane, R., 632n30

Murphy, Richard, 628n56

Mutualization of European debt, 650n31

Napoleon I, 162, 417, 620n46; Civil Code of, 362–366, 613n21, 614n23

National accounting, 55–59, 92, 230, 269

“National Bloc” majority, 499–500

National Health Service (Britain), 629n12

National income: concept of, 43–45, 583n7; growth of, 50–51, 173–183, 595n20; per capita, 53, 584n13; domestic product and, 68; over the long term, 164; top decile and, 322–323

Nationalization, 138–139, 370

National savings, 149–150, 153; accumulation of wealth and, 166–170, 173; negative, 185–186, 595n18; China and, 462.

See also

Savings, private

National solidarity tax, 370, 615n35

National War Labor Board, 298, 308

National wealth/capital, 19, 48–49, 118–119, 123, 197, 583n8; slavery and, 162–163; in Europe

vs.

United States, 164–166; net foreign assets and, 191–194; desirable level of, 562–565

Natural inequalities, 85

Natural resources: as capital, 47; private appropriation of, 446; rent on, 459, 537–539, 627n44; climate change and, 567–569

Naudet, J., 621n49

Net asset positions, 49–50, 191, 194; of rich countries, 465–467, 541

Net domestic product, 43

Net foreign capital/assets, 49–50; in America, 155–156; rich countries and, 191–194, 466

Netherlands, 642n15

New Deal, views of, 549

New World.

See

America

Nixon, Richard, 638n33

Noah, Timothy, 640n52

Nonwage workers, 203–204

Nordhaus, William, 568, 654n52

North Africa, 62–63, 491

North America, 59–61, 64; growth in, 81, 86, 93, 95, 97, 588n10; capital in, 140.

See also

Canada; United States

North Iowa Community College, 447

Norwegian sovereign wealth fund, 455, 626–627n39

Obama, Barack, 310, 313, 473

Obiang, Teodorin, 446

Occupy Wall Street movement, 254

OECD (Organization for Economic Cooperation and Development) reports and statistics, 220, 267–268

Ohlsson, Henry, 614n27, 645n37

Oil prices, 6–7, 459.

See also

Petroleum

Oligarchic divergence, 463–465, 514, 627n49

Output.

See

Income and output; Per capita output growth

Paine, Thomas, 197, 644n34

Palan, Ronen, 628n56

Pamuk, Orhan, 109

Pareto, Vilfredo, theory of, 364–368, 610n19, 614nn25,30,32

Parsons, Talcott, 384, 621n55

Partnerships, 203

Pasinetti, Luigi, 231

Passeron, Jean-Claude, 486

Patrimonial capitalism, 173, 237, 473

Patrimonial society: middle class and, 260–262, 346–347, 373; metamorphoses of, 339–343; classic, 411–414

“Pay for luck,” 335

PAYGO systems, 487–490, 633n45, 648n13, 652n42, 653n50

Pension funds, 391–392, 478, 487–490, 627n47, 630n15

Per capita income, 106, 122, 590n31, 590–591n8,9

Per capita output growth, 72–74, 97, 510; stages of, 86–87; purchasing power and, 87–90; diversification of lifestyles and, 90–93; end of, 93–95; social change implications of 1 percent, 95–96; in postwar period, 96–99; bell curve of global, 99–102; inflation and, 102–103; monetary systems and, 103–109

Père Goriot

(Balzac), 104, 106, 113–115, 238–240, 343, 412, 440

Perfect capital market, 214

Persuasion

(Austen), 362

Petroleum: investments and, 455–460, 462, 627n49; rents, redistribution of, 537–538

Petty, William, 56, 590n1

Phelps, Edmund, 651n40

Philip, André, 615n35

Pierson, Paul, 640n52

P90/P10 ratio, 267–269

Political economy, 3–5, 574

Poll tax, 495, 634n3

Popular Front, 286, 649n25

Population.

See

Demographic growth; Demographic transition

Postel-Vinay, Gilles, 18, 582n28, 599n14, 612nn4,5,9

Power laws, 367–368

Prices: inflation and, 102–103; monetary stability and, 103–104; effects of

vs.

volume effects, 176–177

Price system, 5–7

Primogeniture, 362–363, 365

Princeton University, 447–449

Private wealth/capital, 50–51, 57, 170–183, 541; abolition of, 10; slavery and, 46, 158–163, 593n16; defined, 46–49, 123; and public wealth/capital, 123–131, 142–145, 153–154, 183–187, 569; in Europe

vs.

United States, 164–166; as disposable income, 180–182; foundations and, 182–183, 451–452; world distribution of, 461–462; public debt and, 541–542, 567, 646–647n2.

See also

Capital, metamorphoses of; Inequality of capital ownership; Inheritance, dynamics of

Privatization, 136, 138–139, 476; capital/income ratio and, 173, 183–187

Production: wages and profits and, 39; global distribution of, 59–61; regional blocs and, 61–64; global per capita output of, 62

Production function, 216–220

Productive capital, 51–52

Productivity: knowledge and skill diffusion in, 21; slavery and, 163.

See also

Marginal productivity

Productivity growth: purchasing power and, 86, 88, 90; structural growth and, 228; in twenty-first century, 375; in the United States, 511

Profits: nineteenth century, 8;

vs.

wages, 39–40; rate of, 52, 227–230, 584n15

Progressive taxation: on capital, 1, 355, 370, 471, 473, 532, 615n35; on income, 12, 493; rise of, 153, 374, 498, 532–533;

vs.

regressive taxation, 255, 355, 374, 395–397; confiscatory tax rates and, 273, 505–508, 512; justification for, 444, 497, 505, 524–527, 640n51; on inheritance, 493, 497, 502–503, 505, 508, 527, 637–638n32;

vs.

proportional (“flat tax”), 495, 500–501; structure of inequality and, 495–496; on estates, 502–505, 507; public debt and, 543–544; Cyprus crisis and, 555–556.

See also

Global tax on capital

Progressive taxation, rethinking, 493–514; question of, 493–497; twentieth century evolution of, 498–502; in the Third Republic, 502–505; confiscatory tax rates and, 505–508, 512; executive salary explosion and, 508–512; top marginal rates and, 508–514, 635n14.

See also

Global tax on capital

Proletariat, misery of, 7–8

Property, 47, 49, 70, 569

Property rights: varying views of, 70, 483, 535–536; division of, 123; French estate tax and, 338, 374; revolutions and, 481

Property taxes, 501, 517, 520, 529, 532–533.

See also

Estate tax

Prost, Antoine, 591n18

Protectionism, 515–516, 523, 534

Proudhon, Pierre-Joseph, 580n7

Public debt, 114, 118, 540–570; World War I and, 106–107; public wealth and, 123–127, 127–129, 142, 153; reinforcement of private capital and, 129–131; profit from, 131–134; nineteenth

vs.

twentieth century, 132–133; Ricardian equivalence and, 134–135; reducing, 541–544; default on, 542–543; inflation and, 544–547; central banks and, 547–553; Cyprus crisis and, 553–556; euro and Eurozone and, 556–562, 650n32; government and capital accumulation and, 562–565; deficits debate and, 565–567, 653n47; climate change and, 567–569; transparency and, 569–570; interest rate on, 597–598n1, 598n7; mutualizing European, 650n31; slow growth and, 653n50

Public sector, organization of, 482–483

Public wealth/capital: defined, 46–49, 123; privatization and, 46–49, 123, 183–187; public debt and, 123–135, 142, 153, 541–544; financial and nonfinancial, 124; historical perspective on, 126–129; assets and, 135–139, 143, 541–542; desirable level of, 562–565

Purchasing power: parity in, 64–67, 586nn26,27,28; increase in, 86–90; inheritance and, 415–416

Qatar, 537

Qian, Nancy, 17, 634n50, 646n43

Quesnay, François, 603n26

Rajan, Raghuram G., 606n32, 608n12, 639n48, 640n53

Rancière, Jacques, 655n59

Rancière, Romain, 606n32

Rastignac’s dilemma, 238–242, 379, 407–409, 412, 497

Rate of interest, 52–53, 210, 584n15, 598n10

Rate of profit, 52, 227–230, 584n14

Rate of return on capital: inequality and, 1, 23, 25–27, 84; first fundamental law of capitalism and, 52–55; average long-run, 53; determination of, 199–212; pure, 201, 205–206, 208–209, 353–355; historical perspective on, 206–208; in twenty-first century, 208–209, 375; uses of capital and, 212–213; marginal productivity of capital and, 213–215; too much capital and, 215–217, 223, 227–230; capital’s comeback and, 232–233; growth rate and, 232–233, 351, 353–361, 364–366, 431, 571–572; time preference and stability of, 258–361; inheritance and, 377–378; inflation and, 452–455; pensions and, 488–489

Rate of return on land, 53–54

Rauh, Joshua, 607n41

Rawls, John, 480, 630n21, 631n22, 652n45

Reagan, Ronald, 42, 98, 309

Real estate: urban, 6, 197–198; as capital/assets, 48, 55, 122, 164, 179, 210, 598n11; return on, 53–54, 626n28; pricing of, 57–58, 144–145, 149–150, 171–173, 176, 187–188, 191; rental value of, 209; ownership of by centile, 260; size effects and, 454; taxes, 501, 517

Recession (2008–2009), 472–474, 553–554

“Reconstruction capitalism,” 397

Redemption fund proposal, 544, 559, 647n9, 649n27

Redistribution: inflation and, 133–134, 544–547; social state and, 479–481; of petroleum rents, 537–538; through immigration, 538–539; central banks and, 547–553; United States and, 638n33

Regional blocs, 61–64

Regressive taxation, 255, 355, 374, 495–497

Regulation: transparency and, 519; global tax on capital and, 534–536; of central banks, 548, 552–553, 557–558

Renault, Louis, 137

Renault Company, 137, 139

Rent control, 149, 153

Rentiers: society of, 264, 276–278, 293, 370, 372–373; fall of, 274, 369; basic arithmetic of, 410–411; petits, 418–421; as enemy of democracy, 422–424

Rent(s): land, 5–6, 39, 53–54, 56; capital and, 113, 115–116; meaning of, 422–424; on natural resources, 459, 537–539, 627n44

Rent-seeking, 115–116

Replacement incomes, 477–479, 602n9

Residence and taxation, 562

Residential capital, 48, 51–52

Retail service sector, 91

Retained earnings, 176–178

Retirement: pension funds and, 391–392, 478, 627n47; future of, 487–490, 633n47

Retirement, life-cycle theory and, 384, 391–392

Return on capital.

See

Rate of return on capital; Rate of return on land

Revell, J., 591n19

Rey, Hélène, 597n31

“Rhenish capitalism,” 140–146

Ricardo, David, 5–6, 9, 579n1, 580n8, 591n15; Ricardian equivalence and, 134–135

Rights-based approach, 479–481

Rignano, Eugenio, 637n29

“Rising human capital hypothesis,” 21–22

Risk, 115–116, 431

Ritschl, Albrecht, 647n10

Robinson, James A., 624n20, 639nn45,48

Robinson, Joan, 231

Rodrik, Dani, 651n35

Roemer, John, 631n23

Roine, Jesper, 18, 344, 614n27, 628n58

Romer, Paul M., 586n35

Roosevelt, Franklin D., 153, 286, 472–473, 506–507

Rosanvallon, Pierre, 588n8, 614n24, 635n13

Rosen, Harvey S., 632n31

Rosenthal, Jean-Laurent, 18, 599n14, 612nn4,5, 646n44

Roy, René, 591n19

Russia, 186–187, 554

Russia-Ukraine bloc, 62–63, 585n22

Saez, Emmanuel, 17, 511, 581nn22,23, 606nn33,36, 607nn38,39, 613n32, 634n4, 638n38, 642n19, 643n21

Samuelson, Paul, 137, 218, 231–232

Sandström, Susanna, 623n8

Sartre, Jean-Paul, 655n2

Saudi Arabia, 538

Saudi Arabia sovereign wealth fund, 457–458

Savings, private: rate of, 26, 174–175, 177, 186; components of, 176–178; durable goods and, 179–180; middle class and, 260; concentration of wealth and, 351–353, 377–378, 617n18; retirement and, 384, 391–392; in twenty-first century, 400–401.

See also

National savings

Say, Jean-Baptiste, 9, 579n2

Scandinavian countries: income inequality in, 246–250, 253, 255–256; Gini coefficient and, 266

Scarcity principle, 5–7, 9, 27

Scheve, Kenneth, 637n26

Schinke, Christoph, 622n59

Schlozman, K., 640n52

Schmidt, Helmut, 652n43

Schueller, Eugène, 440

Schumpeter, Joseph, 137

Schwartz, Anna, 548–549

Sciences Po, 486–487, 632n37, 633n40

Séaillès, M. J., 612n7

Seligman, Edwin, 635n13

Sen, Amartya, 480, 603n25

Sense and Sensibility

(Austen), 113, 362, 413–414

Service sector, 88, 90–93

Shareholder model, 145–146

Shares of Upper Income Groups in Income and Saving

(Kuznets), 11–13

Shocks: inequality and, 8, 13–15, 25, 271–276, 293–294, 323; growth and, 107, 109; capital and, 117, 121, 139, 141, 146–150, 152–153, 284; capital/income ratio and, 164, 167, 168, 170, 191, 206, 368–369; short-term, 244–245, 311; concentration of wealth and, 346, 349, 350, 356; family fortunes and, 362, 364, 369; inheritance flows and, 380–381, 396–398

Shorrocks, Anthony, 623n8

Short-termism, 214

Siegfried, André, 615n35

Simiand, François, 582n34, 600n28

Size effects of assets, 453–454

Skills: and knowledge diffusion, 21, 71, 313; supply and demand of, 305–308; inequality and, 419–420

Slavery, capital and, 46, 158–163, 593n16

Slim, Carlos, 444–445, 624nn14,20

Slow growth: inequality and, 25–27, 42, 84, 166, 351–358; return to, 72–74, 84, 93–95, 232–233; beyond bubbles, 173–183; inheritance and, 378, 400, 411; public debt and, 653n50

Smith, Adam, 9, 579nn1,2, 654n56

Social insurance contributions, 494–495, 496, 641n10

Socialism, capital and, 531

Socialist movements, 8

Social justice: democracy and, 26, 424, 571; meaning of, 31, 480; inequality and, 241, 287, 310, 350, 417, 537

Social mobility: growth and, 84–85; education and, 484–487

Social norms, executive compensation and, 332–335

Social ownership, 145–146

Social scientists, 574–575

Social spending, 477–479, 481–483, 629n14; education and, 484–487; retirement and, 487–490

Social state, 471–492, 629n9; crisis of 2008 and, 472–474; growth of, 474–479; modern redistribution and, 479–481; modernizing of, 481–483; education and, 484–487; retirement and, 487–490; in poor and emerging countries, 490–492; US view of, 549

Social tables, 269–270, 603n26

Sole proprietorships, 203

Solidarity tax on wealth.

See

France, wealth tax in

Solow, Robert, 11, 15, 231–232, 580n10, 586n35

Soltow, Lee, 347

Song, Jae, 607n38

Sotura, Aurélie, 628n51

South Africa, 161, 326–328, 330; Marikana tragedy in, 39–40, 68, 583n2

South America.

See

Latin America

South Asia, 491

Sovereign wealth funds, 455–460

Soviet Union, 531–532, 565, 637n27, 652n44

Spain, wealth tax in, 533, 645n39

Spanish bubble, 193, 596n27, 597n30

“Specific investments” argument, 312

Stagflation, 134, 138, 557

Stakeholder model, 145–146, 312

Stamp, J. C., 612n7

Stantcheva, Stefanie, 511

Stasavage, David, 637n26

State, economic role of, 136, 180–181, 474, 476

State, social.

See

Social state

State interventionism, 98–99, 136–137, 473–474

Stern, Nicholas, 567–569, 654n52

Sterner, Thomas, 654n52

Stiglitz, Joseph E., 603n25, 605n25

Stock: capital as, 50; in postwar period, 149–150, 153

Stock market: capitalization of corporations and, 49, 54; Great Depression and, 150; prices, 171–173, 187–191

Stone, Richard, 585n19

Structural growth, 228

Structures of inequality.

See

Inequality, structures of

Strutt, H. C., 612n7

Sub-Saharan Africa, 62–64, 86, 491, 588n9

Substitution, elasticity of, 216–224, 600n32

Superentrepreneurs, 607n43

Supermanagers, 265, 291, 302–303; inequality of labor income and, 315–321, 333–335; meritocratic beliefs and, 417

Supersalaries, rise of, 298–300

Supply and demand: extreme changes in prices and, 6–7, 579n3; convergence and, 21; of skills, 305–308

Suwa-Eisenmann, Akiko, 612nn4,9

Sweden, 344–345, 346–347, 475–476, 498, 614n27

Sylla, R., 613n16

Taxation, 12, 493–495; as source of data, 12, 16–18; on capital, 208, 355–356, 370, 373, 464, 471, 494, 525–527, 652n43; progressive

vs.

regressive, 255, 355, 374, 495–497; on wealth, 424, 524, 527–530; confiscatory tax rates and, 473, 505–508, 512; relative to national income, 474–476; transparency and, 481; on inheritances, 493, 502–503, 505, 508, 527, 637–638n32; on consumption (“indirect”), 494, 496, 651n37; social insurance contributions and, 494–495, 496, 641n10; progressive

vs.

proportional (“flat tax”), 495, 500–501; categorical or schedular, 501; on property, 501, 517, 520, 529, 532–533; on earned and unearned income, 507–508; top marginal rates of, 508–514; defining norms through, 520; public debt and, 541–542; on Eurozone corporate profits, 560–561; residence and, 562.

See also

Competition, fiscal; Estate tax; Global tax on capital; Income tax; Progressive taxation

Tax havens, 465–466, 521–524, 641n9

Tea Party, 474

Technological progress, durable, 10

Technology: return on capital and, 212–213, 216; capital-labor split and, 223–224; caprices of, 234; educational system and, 304–307

Temin, Peter, 641n3

Thatcher, Margaret, 42, 98

Thiers, Adolphe, 417, 620n46

Third Republic, 339, 344, 501–505

Time preference theory, 258–361, 613n17

Titanic

(film), 152

Tobin’s Q, 190–191

Tocqueville, Alexis de, 152, 620n46

Todd, Emmanuel, 587n5, 589n20

Tolstoy, Alexei,

Ibiscus

, 446–447

Top marginal tax rates, 508–514, 635n14

Total income, 254–255, 263–265

Touzery, Mirelle, 636n17

Training: investment in, 22, 71; system, state of, 305–307; inequality and, 419–420

Transfers in kind, 182, 477

Transfers payments, 297–298, 477–479

Transparency: taxation and, 12, 481, 504; lack of, 328–329, 437, 473, 485, 487; progressive income tax and, 455; global tax on capital and, 515, 516, 518–521; banking information and, 521–524; public debt and, 569–570

Treasury bonds (US), 457

Trente Glorieuses, 11, 15, 96–99, 411, 589n20

Troika, 553–555

Trusts, family, 451–452

Two Cambridges Debate, 230–232

“Two-thirds bankruptcy,” 129, 133

U-curve: of capital/income ratio, 23, 25, 154, 195; of capital share of income, 200, 216; of inheritances, 385, 403, 425

Unemployment insurance, 478

United States: income inequality in, 12–13, 23–25, 247–250, 256–258, 264–265; national income and, 61, 64, 66, 68; growth in, 78, 81, 96–99, 174–175, 510–511, 595n20, 639n44; employment by sector in, 91; inflation in, 107; capital in, 140, 149, 150–156; foreign capital/assets and, 151, 155–156, 194, 596–597n29, 597nn31,32; public debt of, 153; slavery in, 158–163; savings in, 177–178; explosion of inequality in, 291–296, 314–315, 323, 330–333; taxation and, 292, 473, 498–500, 505–512, 636n16; estate taxes in, 338, 349; wealth distribution in, 347–350; meritocratic beliefs in, 417; inheritances and, 427–428; universities in, 447–452, 485; taxes as share of national income, 475–476, 490; social state in, 477–479, 629n13, 630n17, 631n25.

See also

North America

Universities: endowments of US, 447–452, 625n23; cost of, 485–486, 631–632n29, 632nn34,35,37,38, 633nn40,41

Upper class, 250–251

Usury, prohibition of, 530–531

Valdenaire, M. 632n36

Valuables, 179–180

“Value added,” 331, 584n16, 600n30

Vanoli, André, 585n19

Vauban, Sébastien Le Prestre de, 56, 501,

590n1

Vautrin’s lesson, 238–242, 379, 404–407, 410, 412, 619n37

Veblen, Thorstein, 621n48

Velde, F., 598n7

Verba, Sidney, 640n52

Verdier, Thierry, 639nn45,48

Véron, Nicolas, 641n4

Victory Tax Act, 507

Volkswagen, 143

Volume effects:

vs.

prices effects, 176–177, 221;

vs.

concentration effects, 410

Von Neumann, John, 651n40

Voting: in France, 424, 622n58; collective decisions and, 569, 654n56

Wage inequality, 272–274, 287–300, 605n19; education and, 304–307; institutions and, 307–310; wage scales and minimum wage and, 310–313; inequality explosion and, 330–333; meritocratic beliefs and, 416–418

Wages: nineteenth century, 7–8, 9–10, 580n5;

vs.

profits, 39–40; income from, 242; mean and, 257, 289; mobility of, 299–300; minimum, 308–313, 608nn5,6,7,8,9,10

Waldenström, Daniel, 18, 344, 614n27, 628n58, 645n37

Washington Square

(James), 414

Wealth: capital and, 47–50.

See also

Distribution of wealth; Distribution of wealth debate; Global inequality of wealth; Inequality of capital ownership; Inheritance, dynamics of; Inherited wealth; National wealth/capital; Private wealth/capital; Public wealth/capital

Wealth accumulation, 166–170; as divergent force, 23; arbitrariness of, 446; golden rule of, 563–567.

See also

Inequality of capital ownership

Wealth-age profile, 393–399

Wealth gap.

See

Inequality of capital ownership

Wealth rankings, 432–443, 623n6

Wealth tax, 424, 524, 527–530, 533, 643–644n26, 645nn38,39

Wedgwood, Josiah, 508, 638n36

Weil, Patrick, 651n34

Weir, D., 598n7

Welfare, stigma of, 478–479

Welles, Orson, 414

Wilkins, Mira, 592n13

Williamson, Jeffrey, 600n28, 603n26

Wolff, Edward, 301, 347, 607n39,

623n8

Wong, R. Bin, 646n44

World Bank, 534

World Wars I and II, 106–107, 147–149, 153, 275, 396–398.

See also

Shocks

WTID (World Top Incomes Database), 17–18, 28, 268, 283, 581n25

Yale University, 447–450

Young, Arthur, 4, 225, 416, 620n44

Young, Michael, 620n45

Zacharias, Ajit, 301, 607n39

Zingales, Luigi, 639n48

Zucman, Gabriel, 19, 466, 582n31, 628n57,

640n2