The economics of inequality
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The economics of inequality
ECONOMICSINEQUALITYTHOMAS PIKETTYhttps://khothu vien .comTHE ECONOMICS OF INEQUALITYThomas PikettyTranslated by Arthur GoldhammerThe Belknap Press of The economics of inequality Harvard University PressCAMBRIDGE. MASSACHUSETTS LONDON. ENGLAND 2015Copyright © 2015 by the President and Fellows of Harvard College All lights reservedFust published as L economic des inégaỉités copyright © Editions La Dccouveilc. Paris. Fiance. 1997,2008.2014.lacker design by Graciela Gahip978-0 The economics of inequality-671-50180-6 (hardcover) 978-O-67-1-91558-9 (IÍPUB) 978-0-674-91557-2 (MOBI) 978-0-674-91556-5 (PDF)The Library of Congress has cataloged the printedThe economics of inequality
edition as follows: Piketty. Thomas, 1971-(L ’economic des inégalités. English]I he economics of inequality Thomas Piketty : translated by Arthur GoldECONOMICSINEQUALITYTHOMAS PIKETTYhttps://khothu vien .comTHE ECONOMICS OF INEQUALITYThomas PikettyTranslated by Arthur GoldhammerThe Belknap Press of The economics of inequalityThe economics of inequality
s not been changed since 1997 and that the work essentially reflects the state of knowledge and data available at that time. As a consequence, tills bECONOMICSINEQUALITYTHOMAS PIKETTYhttps://khothu vien .comTHE ECONOMICS OF INEQUALITYThomas PikettyTranslated by Arthur GoldhammerThe Belknap Press of The economics of inequalitycular, recent research has demonstrated that there are important historical variations in the capital-income ratios and the capital shares in national income, and not only in the concentration of capital ownership at the individual level. That is. the macroeconomic or functional distribution of nati The economics of inequalityonal income and national wealth is substantially less stable than what I was taught in graduate school and what I report in this book. The large histoThe economics of inequality
rical variations in top income shares also receive insufficient treatment in the present book, because the corresponding research became hilly availabECONOMICSINEQUALITYTHOMAS PIKETTYhttps://khothu vien .comTHE ECONOMICS OF INEQUALITYThomas PikettyTranslated by Arthur GoldhammerThe Belknap Press of The economics of inequalitylt the World Top Incomes Database (available online) and my book Capital in rhe Twenty-First Century (Belknap Press, 2014).IntroductionThe question of inequality and redistribution is central to political conflict. Caricaturing only slightly, two positions have traditionally been opposed.The right-w The economics of inequalitying free-market position is that, in the long run. market forces, individual initiative, and productivity growth are the sole determinants of the distThe economics of inequality
ribution of income and standard of living, in particular of the least well-off members of society; hence government efforts to redistribute wealth shoECONOMICSINEQUALITYTHOMAS PIKETTYhttps://khothu vien .comTHE ECONOMICS OF INEQUALITYThomas PikettyTranslated by Arthur GoldhammerThe Belknap Press of The economics of inequalityon Friedman’s negative income tax (1962).The traditional left-wing position, passed down from nineteenth-century socialist theory and tradeunion practice, holds that the only way to alleviate the misery of the poorest members of capitalist society is through social and political struggle, and that t The economics of inequalityhe redistributive efforts of government must penetrate to the very heart of the productive process. Opponents of the system must challenge the marketThe economics of inequality
forces that determine the profits of capitalists and the unequal remuneration of workers, for instance, by nationalizing the means of production or seECONOMICSINEQUALITYTHOMAS PIKETTYhttps://khothu vien .comTHE ECONOMICS OF INEQUALITYThomas PikettyTranslated by Arthur GoldhammerThe Belknap Press of The economics of inequalityabout tile concrete form and desirability OÍ redistributive policy are not necessarily due to contradictory principles of social justice but rather to contradictory analyses of the economic and social mechanisms that produce inequality. Indeed, there exists a certain consensus in regard to the funda The economics of inequalitymental principles of social justice: if inequality is due. at least in part, to factors beyond the control of individuals, such as inequality of initiThe economics of inequality
al endowments owing to inheritance or luck (which cannot be attributed to individual effort), then it is just for the state to seek in the most efficiECONOMICSINEQUALITYTHOMAS PIKETTYhttps://khothu vien .comTHE ECONOMICS OF INEQUALITYThomas PikettyTranslated by Arthur GoldhammerThe Belknap Press of The economics of inequalityof social justice have expressed this idea in the form of a “maximin” principle, according to which a just society ought to maximize the minimum opportunities and conditions available within the social system. The maximin principle was formally introduced by Serge-Christophe Kolm (1972) and John Raw The economics of inequalityls (1972). but one finds it more or less explicitly formulated in much earlier works—for example, in the traditional idea that everyone should be guarThe economics of inequality
anteed the broadest possible range of equal rights, a concept widely accepted at the theoretical level. Often, the real conflict is about the most effECONOMICSINEQUALITYTHOMAS PIKETTYhttps://khothu vien .comTHE ECONOMICS OF INEQUALITYThomas PikettyTranslated by Arthur GoldhammerThe Belknap Press of The economics of inequality abstract principles of social justice.ECONOMICSINEQUALITYTHOMAS PIKETTYhttps://khothu vien .comTHE ECONOMICS OF INEQUALITYThomas PikettyTranslated by Arthur GoldhammerThe Belknap Press ofGọi ngay
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