On the Causes of Growing Inequality
Piketty, Pasinetti and Taylor
Bibliographic Data
| ID | 12155138 |
|---|---|
| Authors | Edward J Nell (corresponding author) |
| Year | 2014 |
| Volume | 43 |
| Issue | 3 |
| Pages | 26-34 |
| Publication date | 2014-07-03 |
| Open Access | No |
| Type | ARTICLE |
| Venue | International Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0891-1916 • E-ISSN: 1558-0970 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/08911916.2014.1001702 |
| OpenAlex | W2159582399 |
| Language | EN |
| Citations received | 2 |
| References cited | 5 |
Lance Taylor, in this issue, offers a solid critique of Piketty’s account of the causes of the changes in inequality over the past centuries and especially its recent increase. Piketty’s analysis relies on the neo-Classical aggregate production function, and the relationship r > g; Taylor’s critique hits the mark on the first, but seems to miss on the second, and his alternative account also appears flawed. He invokes Pasinetti, but the Pasinetti model gives very different results if some realistic changes are introduced. In particular, if high executive pay is taken into account, as realism demands, an apparently opposite conclusion or a contradiction may be reached. But dropping the requirement that growth be balanced (‘uneven development’) allows a Pasinetti approach to establish a simple, though still abstract and partial, model of the growth of inequality in wealth
Contradiction · Economics · Epistemology · Function (biology · Inequality · Keynesian economics · Mathematical economics · Microeconomics · Neoclassical economics · Positive economics · Production (economics · Production function · Simple (philosophy · Economic Theory and Institutions · Economic Theory and Policy · Mathematics · Philosophy · Political Economy and Marxism
| Citations per year | 0.2 |
|---|---|
| Citation span | 2016 - 2025 (10) |
| Highly cited | No |