Human capital and wealth before and after capital in the twentyfirst century eric r. Capital in the twentyfirst century raised important questions about inequality that the ivory tower would rather ignore. Incorporated as a notforprofit foundation in 1971, and headquartered in geneva, switzerland, the forum is tied to no political, partisan or national interests. It has sections on ai as a general purpose technology, jobs and inequality, regulation and the implications of machine learning for economics. The agenda for economics and inequality boushey, heather, delong, j. Everyday low prices and free delivery on eligible orders. Evidence from switzerland, working papers 012016, university of verona, department of economics. Before joining a4nh, he had been a research fellow with ifpri, where he had worked since joining as a post doctoral fellow in november 2004. The book varies in levels of difficulty from polisci articles to very difficult economics papers strewn with equations.
Is technology to blame for the decline of labours income. Among them, piketty uses the term capital as an abstraction, but the empirical claim that rg conflates physical capital used in production, housing capital, and the human capital resulting in high earnings for some people. This is what ezra oberfield and devesh raval do in their 2014 paper micro data and macro technology, in which capital in the twentyfirst century is the very first citation, though not a favorable one. In one of the more technical chapters, using the language and quantitative methodologies of econometrics, devesh raval discusses the elasticity of substitution between capital and labour, suggesting there may be problems with pikettys own take on this. Honors department of economics university of chicago spring 2010 lecturer. Exploring the effects of technology on income and wealth inequality laura tyson and michael spence 9. Development economics does precisely that in a clear, rigorous, and elegant fashion. A new anthology of essays reconsiders thomas pikettys. Gerard rolands new text, development economics, is the first undergraduate text to recognize the role of institutions in understanding development and growth. The views expressed herein are those of the authors and do not necessarily reflect the views of the national bureau of economic research, any agency of the. The elasticity of substitution between capital and labor is central for several policy questions in economics. C u r r i c u l u m v i t a e may 15, 2019 francine lafontaine current positions senior associate dean for faculty and research, jan.
Thomas pikettys capital in the twentyfirst century is the most widely discussed work of economics in recent history, selling millions of copies in dozens of languages. Whats wrong with capital in the twentyfirst centurys model. You can read and invest as much effort as one desires. As wealth accumulates, economists reckon the return on capital should fall. Raval bureau of economics federal trade commission 600 pennsylvania avenue nw washington, dc 20580 mobile phone. Devesh roy, an indian national, joined the cgiar research program on agriculture for nutrition and health a4nh in october 2017 as a senior research fellow. Micro data and macro technology, 2014 meeting papers 1200, society for economic dynamics. Contradictions of capital the chronicle of higher education. The agenda for economics and inequality, edited by heather boushey, bradford delong and marshall steinbaum, is a book by economists, for economists. After reading the first time ray dalios freshly published book principles life and work, which hit the shelves of the new york times bestseller, as well as topselling books on amazon, i cannot wait for the second book that ray dalio is intensively working on, called principles. A new anthology of essays reconsiders thomas pikettys capital. We thank devesh raval, matthew rognlie, emmanuel saez, and marshall steinbaum for comments. Research seminars at the minneapolis fed are technical economic discussions targeted for the phd level.
Jan 20, 2019 second, i replace the perpetual inventory measure of capital with a book value measure of capital using data on book values of structures and equipment total value of capital after 1992. Books recent books earlier books by decade browse books by series chapters from books in process. How do machine learning algorithms perform in predicting. After piketty opens with a discussion by arthur goldhammer, the books translator, of the reasons for capitals phenomenal. Research by economists ezra oberfield of princeton university and devesh raval at the federal trade commission take a different approach and find a much smaller elasticity while still seeing a decline in labors share of income. These estimates are in the sixth column of table 6 and are slightly lower than the baseline estimates, ranging from 0.
Bradford delong, marshall steinbaum harvard university press cambridge, massachusetts wikipedia citation please see wikipedias template documentation for further citation fields that may be required. Contradictions of capital the enlightened economist. Petrin, zhongjun qu, devesh raval, juan sanchis, matthias schu. The micro elasticity of substitution and non neutral technology, rand journal of economics, 2019. The agenda for economics and inequality both from harvard. The analyses and conclusions set forth are those of the authors and do not necessarily reflect the views of other members of the bureau of economics, other commission staff, or. The rest of the book is devoted to newly commissioned essays that. In after piketty, a cast of economists and other social scientists tackle these questions in dialogue with piketty, in what is sure to be a muchdebated book in its own right. Social identity, attitudes towards cooperation, and social preferences.
Economics conference at uva promotes opportunities for women in the field. To request attendance, please call 6122046455 at least 24 hours in advance. The ubiquitous nature of slave capital daina ramey berry 7. Through a series of chapters devoted to specific sets of institutions, roland examines the. Kenyan multimillionaire narendra raval lands book deal with bloomsbury india. Personally, it was incredibly inspiring to meet economists like sandy black and claudia goldin. Why are economists giving piketty the cold shoulder. Whose voice do we hear in the marketplace evidence. The world economic forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. Thomas pikettys capital in the twentyfirst century, published in 20 english edition, 2014, is the economics equivalent of stephen hawkings a brief history of time. Jan 15, 2015 research by economists ezra oberfield of princeton university and devesh raval at the federal trade commission take a different approach and find a much smaller elasticity while still seeing a decline in labors share of income. Their entire point is that given factual econometric estimates of production parameters, pikettys model is not up to the task of.
As wealth accumulates, economists reckon the return on capital. Debraj ray, one of the most accomplished theorists in development economics today, presents in this book a synthesis of recent and older literature in the field and raises important questions that will. But capital changed the agenda of academic economics far less than it seemed it might. Pikettys book and macro models of wealth inequality. A new volume of essays reflecting on mr pikettys book, published in may, prods economists to do better. Are thomas pikettys analyses of inequality on target. Debraj ray, one of the most accomplished theorists in development economics today, presents in this book a synthesis of recent and older literature in the field and raises important questions that will help to set the agenda for future research. Francine lafontaine current positions senior associate dean for faculty and research, jan.
I find it amusing that one of the very reasons that the book after piketty was written, lack of discussion about capital in the 21st centurys findings and implications, is. Just imagine, you wake up to this newspaper headline one morning. China and india quarterly journal of economics 124. Forbes takes privacy seriously and is committed to transparency. Heather boushey is president and ceo of the washington center for equitable growth and former chief economist on hillary clintons transition team. Free exchange a new anthology of essays reconsiders thomas pikettys. The rest of the book is devoted to newly commissioned essays that interrogate pikettys arguments. The high points include devesh ravals essay critiquing pikettys model, eric nielsens essay on human capital and wealth, laura tyson and michael spences essay on the effects of technology on income and wealth inequality and mark zandis essay on the macroeconomic implications of rising inequality. On the welfare costs of business cycles in the us michel robe, kogod school of business, american university, coauthored with stephane pallage september 18. Devesh raval is an economist in the consumer protection division of the. Second, i replace the perpetual inventory measure of capital with a book value. Where should researchers go from here in exploring the ideas he pushed to the forefront of global conversation.
Before joining a4nh, he had been a research fellow with ifpri, where he had worked since joining as. The rest of the book is devoted to newly commissioned essays that interrogate piketty\s arguments. The economics of worklife conflict and coeditor of after piketty. Devesh raval points out a number of other problems. The agenda for economics and inequality by heather boushey, j. The views expressed herein are those of the authors and do not necessarily reflect the views of the national bureau of economic research, any agency of the federal government, or the federal reserve bank of chicago. I replace the perpetual inventory measure of capital with a book value measure of capital using data on book values of structures and equipment. October 29 cj claire oberfield, ezra and devesh raval 2014, micro data and macro technology. Toward a reconciliation between economics and the social sciences thomas piketty notes. Klenow 2014 the life cycle of plants in india and mexico quarterly journal of economics 129. Intended primarily for economic development courses, this text also provides practical content to current and aspiring industry professionals. F or all the influence economics is supposed to have on policy and the character of our societies. May 18, 2017 this is what ezra oberfield and devesh raval do in their 2014 paper micro data and macro technology, in which capital in the twentyfirst century is the very first citation, though not a favorable one.
For all the influence economics is supposed to have on policy and the character of our societies, not many economics professors make any impression on public consciousness. Kenyan multimillionaire narendra raval lands book deal. The economics of artificial intelligence is a terrific collection, edited by ajay agarwal, josh gans and avi goldfarb. After reading the first time ray dalios freshly published book principles life and work, which hit the shelves of the new york times bestseller, as well as topselling books on amazon, i cannot wait for the second book that ray dalio is intensively working on. Micro data and macro technology, nber working papers 20452, national bureau of economic research, inc. No 20452, nber working papers from national bureau of economic. Jan 16, 2015 the world economic forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. Rising inequality and economic stability salvatore morelli. In oberfield and ravals model, there are two ways for labors share to decline. Pietro biroli, email protected all course materials will be posted on the class web page at chalk.
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