Daron Acemoglu on Inequality, Institutions, and Piketty
EconTalk
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Capital Is Back, but It's Not a Capital Phenomenon
Toma: The rate of growth of the top one % is growing, i say, it's not the same people. And he still says, oh, but this can't go on forever. It's going to eventually that,. you know, even if people are continually leap frogging each other, i think he views it as somehow alarming. But actually he's quite well aware, and his data from both the united states and france quite clearly show that the increasing inequality is not a capital phenomenon. It's a labor income phenomenon.
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