Introduction 1 Freedom's Just Another Word  2 The Construction of Consent 3 The Neoliberal State 4 Uneven Geographical Developments 5 Neoliberalism with 'Chinese Characteristics' 6 Neoliberalism on Trial 7 Freedom's Prospect Notes Bibliography Index

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A Brief History of Neoliberalism

In this article, I present three key facts about income and wealth inequality in the long run emerging from my book, Capital in the Twenty-First Century, and seek to sharpen and refocus the discussion about those trends. In particular, I clarify the role played by r > g in my analysis of wealth inequality. I also discuss some of the implications for optimal taxation, and the relation between capital-income ratios and capital shares.

About Capital in the Twenty-First Century

A New York Times #1 Bestseller An Amazon #1 Bestseller A Wall Street Journal #1 Bestseller A USA Today Bestseller A Sunday Times Bestseller Winner of the Financial Times and McKinsey Business Book of the Year Award Winner of the British Academy Medal Finalist, National Book Critics Circle Award "It seems safe to say that Capital in the Twenty-First Century, the magnum opus of the French economist Thomas Piketty, will be the most important economics book of the year-and maybe of the decade." -Paul Krugman, New York Times "The book aims to revolutionize the way people think about the economic history of the past two centuries. It may well manage the feat." -The Economist "Piketty's Capital in the Twenty-First Century is an intellectual tour de force, a triumph of economic history over the theoretical, mathematical modeling that has come to dominate the economics profession in recent years." -Steven Pearlstein, Washington Post "Piketty has written an extraordinarily important book...In its scale and sweep it brings us back to the founders of political economy." -Martin Wolf, Financial Times "A sweeping account of rising inequality...Piketty has written a book that nobody interested in a defining issue of our era can afford to ignore." -John Cassidy, New Yorker "Stands a fair chance of becoming the most influential work of economics yet published in our young century. It is the most important study of inequality in over fifty years." -Timothy Shenk, The Nation

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Capital in the Twenty-First Century

This paper develops a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint. The model is a synthesis of the leading approaches in the literature. In particular, the framework exhibits a financial accelerator,' in that endogenous developments in credit markets work to amplify and propagate shocks to the macroeconomy. In addition, we add several features to the model that are designed to enhance the empirical relevance. First, we incorporate money and price stickiness, which allows us to study how credit market frictions may influence the transmission of monetary policy. In addition, we allow for lags in investment which enables the model to generate both hump-shaped output dynamics and a lead-lag relation between asset prices and investment, as is consistent with the data. Finally, we allow for heterogeneity among firms to capture the fact that borrowers have differential access to capital markets. Under reasonable parametrizations of the model, the financial accelerator has a significant influence on business cycle dynamics.

https://papers.ssrn.com/sol3/Delivery.cfm/nber_W6455.pdf?abstractid=226200&mirid=1

The Financial Accelerator in a Quantitative Business Cycle Framework

2 1 The innovative transport systems and the CityMobil project 10 1.1 The research questions 10 2 The state of art in the field of automatic transport systems 12 2.1 Case studies and demand studies for innovative transport systems 12 3 The design and implementation of surveys 14 3.1 Definition of experimental design 14 3.2 Questionnaire design and delivery 16 3.3 First analyses on the collected sample 18 4 Calibration of Logit Multionomial demand models 21 4.1 Methodology 21 4.2 Calibration of the “full” model. 22 4.3 Calibration of the “final” model 24 4.4 The demand analysis through the final Multinomial Logit model 25 5 The analysis of interaction between the demand and socioeconomic attributes 31 5.1 Methodology 31 5.2 Application of Mixed Logit models to the demand 31 5.3 Analysis of the interactions between demand and socioeconomic attributes through Mixed Logit models 32 5.4 Mixed Logit model and interaction between age and the demand for the CTS 38 5.5 Demand analysis with Mixed Logit model 39 6 Final analyses and conclusions 45 6.1 Comparison between the results of the analyses 45 6.2 Conclusions 48 6.3 Answers to the research questions and future developments 52

The European commission

This paper presents new findings from the World Top Incomes Database and discusses some of their policy implications. In particular, the paper provides updated top income series for the United States—including new estimates through 2010, showing a strong rebound of the top 1 percent income share, following the 2008–09 sharp fall. It also presents updated income series for other developed countries (including the United Kingdom, France, Germany, and Japan) and new series on wealth-income ratios. In light of this extended set of country series, the paper analyzes the relative importance of market and institutional forces in explaining observed cross-country trends, and the likely impact of the Great recession on these long-term evolutions. It discusses the policy implications of the findings, both in terms of optimal tax policy and regarding the interplay between inequality and macroeconomic fragility.

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Top Incomes and the Great Recession: Recent Evolutions and Policy Implications

This article presents data on the evolution of top incomes and wages for 1922-2000 in India using individual tax return data. The data show that the shares of the top 0.01 percent, 0.1 percent, and 1 percent in total income shrank substantially from the 1950s to the early to mid-1980s but then rose again, so that today these shares are only slightly below what they were in the 1920s and 1930s. This U-shaped pattern is broadly consistent with the evolution of economic policy in India: from the 1950s to the early to mid-1980s was a period of ''socialist'' policies in India, whereas the subsequent period, starting with the rise of Rajiv Gandhi, saw a gradual shift toward more pro-business policies. Although the initial share of the top income group was small, the fact that the rich were getting richer had a nontrivial impact on the overall income distribution. Although the impact is not large enough to fully explain the gap observed during the 1990s between average consumption growths shown in National Sample Survey based data and the national accounts based data, it is sufficiently large to explain a non-negligible part of it.

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Top Indian Incomes, 1922–2000

This handbook chapter reviews recent developments in the theory of optimal labor income taxation. We emphasize connections between theory and empirical work that were initially lacking from optimal income tax theory. First, we provide historical and international background on labor income taxation and means-tested transfers. Second, we present the simple model of optimal linear taxation. Third, we consider optimal nonlinear income taxation with particular emphasis on the optimal top tax rate and the optimal profile of means-tested transfers. Fourth, we consider various extensions of the standard model including tax avoidance and income shifting, international migration, models with rent-seeking, relative income concerns, the treatment of couples and children, and non-cash transfers. Finally, we discuss limitations of the standard utilitarian approach and briefly review alternatives. In all cases, we use the simplest possible models and show how optimal tax formulas can be derived and expressed in terms of sufficient statistics that include social marginal welfare weights capturing society’s value for redistribution, behavioral elasticities capturing the efficiency costs of taxation, as well as parameters of the earnings distribution. We also emphasize connections between actual practice and the predictions from theory, and in particular the limitations of both theory and empirical work in settling the political debate on optimal labor income taxation and transfers.

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Optimal Labor Income Taxation

Wie gerecht sind Vermögen und Einkommen in der Welt verteilt? Dieser Frage ist der französische Wirtschaftswissenschaftler Thomas Piketty in seinem Buch „Das Kapital im 21. Jahrhundert“ nachgegangen. Er stellt in seinen umfangreichen Analysen eine wachsende Ungleichheit der Vermögensverteilung fest, die nicht nur unter Gerechtigkeitsfragen ein Problem ist, sondern Demokratie und eine gesunde Wirtschaft gleichermaßen gefährdet. Das Buch sorgte weltweit für viel Aufmerksamkeit und ist seit kurzem als Taschenbuch zu erhalten. Grund genug, sich mit dem wichtigsten wirtschaftswissenschaftlichen Buch der jüngeren Vergangenheit zu befassen.

Das Kapital im 21. Jahrhundert

Using large samples of estate tax returns we construct new series on wealth concentration in Paris and France from 1807 to 1994. Wealth concentration in Paris and in France increased until World War I and then fell abruptly. The rise in inequality prior to WWI accelerated (rather than stabilized) during the 1860-1913 period. This was largely driven by the growth of large industrial and financial estates and coincided with the decline of aristocratic fortunes (until the 1840s, the share of aristocrats and real estate in top estates was actually rising). The decline in wealth concentration that followed World War I appears to have been prompted by the 1914-1945 shocks rather than by a two-sector, Kuznets-type process. Inequality fell both in Paris and in the rest of France. Finally, individuals who lived on capital income rather than active entrepreneurs were responsible for the very high levels of wealth concentration observed on the eve of World War I. In the late nineteenth and early twentieth century top wealth holders were in their 70s and 80s, whereas they had been in their 50s in the early the nineteenth century and would be so again after WWII. These results shed new light on the ongoing debate about wealth inequality and growth in the presence of capital constraints.

Thomas Piketty

Papers

Top Incomes and the Great Recession: Recent Evolutions and Policy Implications

Top Indian Incomes, 1922–2000

Optimal Labor Income Taxation

Das Kapital im 21. Jahrhundert

Wealth concentration in a developing economy: Paris and France, 1807-1994