Thomas Piketty’s Capital in the Twenty-First Century is the most widely discussed work of economics in recent history, selling millions of copies in dozens of languages. But are its analyses of inequality and economic growth on target? Where should researchers go from here in exploring the ideas Piketty pushed to the forefront of global conversation? A cast of economists and other social scientists tackle these questions in dialogue with Piketty, in what is sure to be a much-debated book in its own right.
After Piketty opens with a discussion by Arthur Goldhammer, the book’s translator, of the reasons for Capital’s phenomenal success, followed by the published reviews of Nobel laureates Paul Krugman and Robert Solow. The rest of the book is devoted to newly commissioned essays that interrogate Piketty’s arguments. Suresh Naidu and other contributors ask whether Piketty said enough about power, slavery, and the complex nature of capital. Laura Tyson and Michael Spence consider the impact of technology on inequality. Heather Boushey, Branko Milanovic, and others consider topics ranging from gender to trends in the global South. Emmanuel Saez lays out an agenda for future research on inequality, while a variety of essayists examine the book’s implications for the social sciences more broadly. Piketty replies to these questions in a substantial concluding chapter.
An indispensable interdisciplinary work, After Piketty does not shy away from the seemingly intractable problems that made Capital in the Twenty-First Century so compelling for so many.
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About the Author
Heather Boushey is President and CEO of the Washington Center for Equitable Growth and former Chief Economist on Hillary Clinton’s transition team. She is the author of Finding Time: The Economics of Work-Life Conflict and coeditor of After Piketty: The Agenda for Economics and Inequality (both from Harvard). The New York Times has called Boushey one of the “most vibrant voices in the field” and Politico twice named her one of the top 50 “thinkers, doers, and visionaries transforming American politics.”
J. Bradford DeLong is Professor of Economics at the University of California, Berkeley.
Marshall Steinbaum is Fellow at the Roosevelt Institute, New York.
Table of Contents
Capital in the Twenty-First Century, Three Years Later J. Bradford DeLong Heather Boushey Marshall Steinbaum 1
1 The Piketty Phenomenon Arthur Goldhammer 27
2 Thomas Piketty Is Right Robert M. Solow 48
3 Why We're in a New Gilded Age Paul Krugman 60
II Conceptions of Capital
4 What's Wrong with Capital in the Twenty-First Century's, Model? Devesh Raval 75
5 A Political Economy Take on W / Y Suresh Naidu 99
6 The Ubiquitous Nature of Slave Capital Daina Ramey Berry 126
7 Human Capital and Wealth before and after Capital in the Twenty-First Century Eric R. Nielsen 150
8 Exploring the Effects of Technology on Income and Wealth Inequality Laura Tyson Michael Spence 170
9 Income Inequality, Wage Determination, and the Fissured Workplace David Weil 209
III Dimensions of Inequality
10 Increasing Capital Income Share and Its Effect on Personal Income Inequality Branko Milanovic 235
11 Global Inequality Christoph Lakner 259
12 The Geographies of Capital in the Twenty-First Century: Inequality, Political Economy, and Space Gareth A. Jones 280
13 The Research Agenda after Capital in the Twenty-First Century Emmanuel Saez 304
14 Macro Models of Wealth Inequality Mariacristina De Nardi Giulio Fella nd Fang Yang 322
13 A Feminist Interpretation of Patrimonial Capitalism Heather Boushey 355
16 What Does Rising Inequality Mean for the Macroeconomy? Mark Zandi 384
17 Rising Inequality and Economic Stability Saluatore Morelli 412
IV The Political Economy of Capital and Capitalism
18 Inequality and the Rise of Social Democracy: An Ideological History Marshall I. Steinbaum 439
19 The Legal Constitution of Capitalism David Singh Grewal 471
20 The Historical Origins of Global Inequality Ellora Derenoncourt 491
21 Everywhere and Nowhere: Politics in Capital in the Twenty-First Century Elisabeth Jacobs 512
V Piketty Responds
22 Toward a Reconciliation between Economics and the Social Sciences Thomas Piketty 543