Insights Blog

Lance Taylor Critiques Thomas Piketty's Macroeconomics

June 3, 2014

Lance Taylor critiques Thomas Piketty's prediction of ever-increasing shares of national income going to the owners of capital.

Using a demand-driven version of Luigi Pasinetti's (1962) growth model, he shows "along strictly Keynesian lines that euthanasia, persistence, and triumph of the rentier are all possible." Read Taylor's article that appears as a contribution to INET's "Institute Blog." To get an idea of Taylor's argument, see the blog post "Must the Rich Grow Richer?" on our Worldly Philosopher blog.