Views
3 years ago

find - Thomas Piketty - Ens

find - Thomas Piketty - Ens

find - Thomas Piketty -

On the Long-Run Evolution of Inheritance: France 1820-2050 Thomas Piketty Paris School of Economics * First version: November 13 th , 2009 This version: September 3 rd , 2010** Revised & shortened version Abstract: This paper attempts to document and account for the long run evolution of inheritance. We find that in a country like France the annual flow of inheritance was about 20%-25% of national income between 1820 and 1910, down to less than 5% in 1950, and back up to about 15% by 2010. A simple theoretical model of wealth accumulation, growth and inheritance can fully account for the observed U-shaped pattern and levels. Using this model, we find that under plausible assumptions the annual bequest flow might reach about 20%-25% of national income by 2050. This corresponds to a capitalized bequest share in total wealth accumulation well above 100%. Our findings illustrate the fact that when the growth rate g is small, and when the rate of return to private wealth r is permanently and substantially larger than the growth rate (say, r=4%-5% vs. g=1%-2%), which was the case in the 19 th century and early 20 th century and is likely to happen again in the 21 st century, then past wealth and inheritance are bound to play a key role for aggregate wealth accumulation and the structure of lifetime inequality. Contrarily to a widely spread view, modern economic growth did not kill inheritance. * Professor of Economics at the Paris School of Economics (PSE) & Directeur d’études at the Ecole des Hautes Etudes en Sciences Sociales (EHESS) ** I am grateful to seminar participants at the Paris School of Economics, Universitat Pompeu Fabra (Barcelona), the Massachussetts Institute of Technology, Harvard University, New York University, Boston University and the University of Chicago for helpful reactions. This revised and shortened version benefited from the comments of the editor and three referees. The full-length working paper version, as well as a detailed data appendix, is available on-line at www.jourdan.ens.fr/piketty/inheritance/. All comments are welcome (piketty@ens.fr).

World Energy Outlook 2011.pdf - Thomas Piketty
Yale Annual 99-00 PDF OUTPUT - Thomas Piketty
[PDF] Why Save the Bankers?: And Other Essays on Our Economic and Political Crisis Download by - Professor Thomas Piketty
On the Long-Run Evolution of Inheritance - Thomas Piketty - Ens
Data Appendix Part 1 - Thomas Piketty - Ens
Inheritance in Germany 1911 to 2009: A Mortality ... - Thomas Piketty
UCL EALE/SOLE Meeting 17 June 2010 (pdf) - Thomas Piketty
A Theory of Optimal Capital Taxation - Thomas Piketty
Age, Luck, and Inheritance - Thomas Piketty - Ens
Various seminars, November 2011-May 2012 (pdf) - Thomas Piketty
Women, Wealth, and Mobility1 - Thomas Piketty
Harvard CES November 3 2011 (pdf) - Thomas Piketty
Jerusalem Van Leer Institute 14 January 2010 (pdf) - Thomas Piketty
Intergenerational Transfers and the Accumulation ... - Thomas Piketty
A Theory of Optimal Inheritance Taxation - Thomas Piketty
The Kuznets' Curve, Yesterday and Tomorrow - Thomas Piketty - Ens
Does parents' money matter? - Thomas Piketty
Democracy, War, and Wealth Evidence from Two ... - Thomas Piketty
Should the rich pay for fiscal adjustment? Income ... - Thomas Piketty
Pareto distribution in growth models and the U.S. ... - Thomas Piketty
Capital is Back: Wealth-Income Ratios in Rich ... - Thomas Piketty
Income and Wealth Concentration in Switzerland ... - Thomas Piketty
DISCUSSION PAPER SERIES www.cepr.org - Thomas Piketty