The paths to research in cliometrics opened by Capital in the 21st Century
Parent, Antoine
The paths to research in cliometrics opened by Capital in the 21st Century - 2019.
11
The publication of Thomas Piketty’s Capital in the 21st Century has revived interest in the issue of inequality in history. This book contains two key proposals: the author establishes a first principle of fundamental differences between the return on capital and wages, which would be the source of inequality in history. At the same time, the accumulation of capital is the factor that has historically driven economic growth. Piketty’s book explores these two aspects in succession, but he does not study the links between these two propositions: are inequalities a motor or a brake on economic growth in history? This is the thread of our analysis of the book, which examines two major questions: how to move from the statement of a “historical law of capitalism” into a dynamic growth model? And, can savings be an obstacle to economic growth? In a final section, we suggest that the use of cliometrics can be a means of clarifying if not deciding these debates. JEL Classification: B4, E10, E11, E22, E23, E24, E61, E62, E64, N10, O4, O5, P1
The paths to research in cliometrics opened by Capital in the 21st Century - 2019.
11
The publication of Thomas Piketty’s Capital in the 21st Century has revived interest in the issue of inequality in history. This book contains two key proposals: the author establishes a first principle of fundamental differences between the return on capital and wages, which would be the source of inequality in history. At the same time, the accumulation of capital is the factor that has historically driven economic growth. Piketty’s book explores these two aspects in succession, but he does not study the links between these two propositions: are inequalities a motor or a brake on economic growth in history? This is the thread of our analysis of the book, which examines two major questions: how to move from the statement of a “historical law of capitalism” into a dynamic growth model? And, can savings be an obstacle to economic growth? In a final section, we suggest that the use of cliometrics can be a means of clarifying if not deciding these debates. JEL Classification: B4, E10, E11, E22, E23, E24, E61, E62, E64, N10, O4, O5, P1
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