regulation and shed new light on the changing nature of wealth, the shape of the production function, and the rise of capital …How do aggregate wealth-to-income ratios evolve in the long run and why? We address this question using 1970 … able to extend our analysis as far back as 1700. We find in every country a gradual rise of wealth-income ratios in recent …

1950, and back up to about 15% by 2010. A simple theoretical model of wealth accumulation, growth and inheritance can fully … wealth accumulation well above 100%. Our findings illustrate the fact that when the growth rate g is small, and when the rate … of return to private wealth r is permanently and substantially larger than the growth rate (say, r=4%-5% vs. g=1 …

. After outlining the theory, the paper uses feedback mechanisms to organise Europe’s postwar integration narrative, and then … cooperation that already exists on trade, services, and investment. New, creative thinking is needed on the sort of soft …

investment – is equal to the marginal cost, which is the additional cost of investing due to the higher quality of capital. The …Does it always pay to install high-quality capital? Or could it possibly be more profitable to make investments that do … not last too long? In this Paper we ponder the optimal rate of depreciation of physical capital, first in the Solow model …

-tax reforms using a model economy that replicates the U.S. distributions of earnings, income and wealth in very much detail. We …

fully homogeneous, yearly estimates of income inequality, wage inequality and wealth inequality. The main conclusion is that … the long run, and the secular decline in income inequality is for the most part a capital income phenomenon. Holders of … these shocks, probably because of the dynamic effects of progressive taxation on capital accumulation and pre-tax income …

occupational lines. The most patient people are those in occupations requiring the most education and experience. The theory can …

1992: high output growth, sustained returns on capital investments, extensive reallocation within the manufacturing sector …, falling labor share and accumulation of a large foreign surplus. The theory makes only minimal deviations from a neoclassical …-productivity sector, and attracts an increasing employment share. During the transition, low wage growth sustains the return to capital …