Online Appendix for “Rise and Decline of General Laws of Cap- italism”
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چکیده
In this Appendix, we discuss the core theoretical claims of Piketty’s Capital in the 21st Century, in an effort to clarify the relationship between r − g and inequality. The emphasis will be on four issues: (1) what types of models and economic forces lead to a divergence of inequality when r > g; (2) the role of social mobility in this process; (3) what types of models lead instead to a relationship between r−g and the (right) tail of the stationary distribution of income and wealth; (4) how does r − g respond to policies and capital accumulation.
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