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The Return of 'Patrimonial Capitalism': Review of Thomas Piketty's Capital in the 21st Century

2014; RELX Group (Netherlands); Linguagem: Inglês

1556-5068

Branko Milanović,

Economic Theory and Policy

The paper provides a detailed review of Thomas Piketty's book Capital in the 21st century. It focuses on the new contributions of the book, and in particular on its unified treatment of economic growth, functional income distribution, and concentration of personal income. It concludes that Piketty's reinvigoration of classical and empircally-drven approach is likely to have a profound impact on economics.