A Post-Keynesian response to Piketty's 'fundamental contradiction of capitalism'

• Published in: IDEAS Working Paper Series from RePEc
• Main Authors: Javier Lopez Bernardo, Felix Lopez Martinez, Stockhammer, Engelbert
• Format: Paper
• Language: English
• Published: St. Louis Federal Reserve Bank of St. Louis 01.01.2014
• Subjects: Capitalism; Economic models; Growth rate; Income distribution; Inequality; Keynesian theory

In Capital in the Twenty-First Century, the French economist Thomas Piketty develops a new and rich set of data that deals with income and wealth distribution, output-wealth dynamics and rates of return, and has proposed as well some “laws of capitalism”. At the core of his theoretical argument lies...