We scrutinize Thomas Piketty's (2014) theory concerning the relationship between an economy's long-run growth rate, its … of Piketty's Second Fundamental Law of Capitalism does not hold. In line with Piketty's theory a smaller long-run growth …, both the economy's savings rate and its growth rate are endogenous variables whereas in Piketty's theory they are both …

contrast to conventional wisdom, our theory predicts that faster economic growth promotes inequality. Because education and …

, our theory predicts that faster economic growth promotes inequality. …

We analyze recent contributions to growth theory based on the model of expanding variety of Romer (1990). In the first …

We analyze recent contributions to growth theory based on the model of expanding variety of Romer [Romer, P. (1990 …

) steady state per capita growth, income distribution and employment rate are endogenous, and depend on the capitalists … employment rate and the labor share; (iv) an increase in workers' bargaining power raises the labor share, while reducing … employment and per-capita growth; (v) a balanced budget increase in the R&D subsidy also fosters per-capita growth, at the …

) steady state per capita growth, income distribution and employment rate are endogenous, and depend on the capitalists … employment rate and the labor share; (iv) an increase in workers' bargaining power raises the labor share, while reducing … employment and per-capita growth; (v) a balanced budget increase in the R&D subsidy also fosters per-capita growth, at the …

, income distribution and employment rate are endogenous, and depend on the capitalists' discount rate, the institutional …-capita growth, the employment rate and the labor share; (v) an increase in workers' bargaining strength moderately raises the labor … share and moderately decreases per-capita growth, while sharply reducing employment: quarterly US fluctuations (1948 …