Pietro biroli, email protected all course materials will be posted on the class web page at chalk. Pikettys book and macro models of wealth inequality. 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. Contradictions of capital the chronicle of higher education. October 29 cj claire oberfield, ezra and devesh raval 2014, micro data and macro technology.
Micro data and macro technology, nber working papers 20452, national bureau of economic research, inc. Economics conference at uva promotes opportunities for women in the field. It has sections on ai as a general purpose technology, jobs and inequality, regulation and the implications of machine learning for economics. A new anthology of essays reconsiders thomas pikettys. Rising inequality and economic stability salvatore morelli. Micro data and macro technology, 2014 meeting papers 1200, society for economic dynamics. 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. French economist thomas piketty, wrote capital in the. How do machine learning algorithms perform in predicting. Development economics does precisely that in a clear, rigorous, and elegant fashion. Gerard rolands new text, development economics, is the first undergraduate text to recognize the role of institutions in understanding development and growth. 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. Free exchange a new anthology of essays reconsiders thomas pikettys. Evidence from switzerland, working papers 012016, university of verona, department of economics.
Just imagine, you wake up to this newspaper headline one morning. Forbes takes privacy seriously and is committed to transparency. Human capital and wealth before and after capital in the twentyfirst century eric r. Their entire point is that given factual econometric estimates of production parameters, pikettys model is not up to the task of. 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. Why are economists giving piketty the cold shoulder. 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. Kenyan multimillionaire narendra raval lands book deal with bloomsbury india. The ubiquitous nature of slave capital daina ramey berry 7. The rest of the book is devoted to newly commissioned essays that.
Contradictions of capital the enlightened economist. As wealth accumulates, economists reckon the return on capital. As wealth accumulates, economists reckon the return on capital should fall. 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. F or all the influence economics is supposed to have on policy and the character of our societies. Francine lafontaine current positions senior associate dean for faculty and research, jan. Exploring the effects of technology on income and wealth inequality laura tyson and michael spence 9. 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. But capital changed the agenda of academic economics far less than it seemed it might.
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. Through a series of chapters devoted to specific sets of institutions, roland examines the. 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. The agenda for economics and inequality by heather boushey, j. 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. Research seminars at the minneapolis fed are technical economic discussions targeted for the phd level. Everyday low prices and free delivery on eligible orders. Honors department of economics university of chicago spring 2010 lecturer.
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. Toward a reconciliation between economics and the social sciences thomas piketty notes. Is technology to blame for the decline of labours income. A new volume of essays reflecting on mr pikettys book, published in may, prods economists to do better. Where should researchers go from here in exploring the ideas he pushed to the forefront of global conversation. 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. Personally, it was incredibly inspiring to meet economists like sandy black and claudia goldin. Incorporated as a notforprofit foundation in 1971, and headquartered in geneva, switzerland, the forum is tied to no political, partisan or national interests.
To request attendance, please call 6122046455 at least 24 hours in advance. 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. After piketty opens with a discussion by arthur goldhammer, the books translator, of the reasons for capitals phenomenal. Petrin, zhongjun qu, devesh raval, juan sanchis, matthias schu. We thank devesh raval, matthew rognlie, emmanuel saez, and marshall steinbaum for comments. 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. These estimates are in the sixth column of table 6 and are slightly lower than the baseline estimates, ranging from 0. 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.
Capital in the twentyfirst century raised important questions about inequality that the ivory tower would rather ignore. Devesh raval points out a number of other problems. 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. Raval bureau of economics federal trade commission 600 pennsylvania avenue nw washington, dc 20580 mobile phone.
Devesh raval bureau of economics federal trade commission 600 pennsylvania avenue nw washington, dc 20580. Before joining a4nh, he had been a research fellow with ifpri, where he had worked since joining as. Social identity, attitudes towards cooperation, and social preferences. The agenda for economics and inequality boushey, heather, delong, j.
Intended primarily for economic development courses, this text also provides practical content to current and aspiring industry professionals. 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. The micro elasticity of substitution and non neutral technology, rand journal of economics, 2019. The agenda for economics and inequality both from harvard.
Klenow 2014 the life cycle of plants in india and mexico quarterly journal of economics 129. 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. No 20452, nber working papers from national bureau of economic. Heather boushey is president and ceo of the washington center for equitable growth and former chief economist on hillary clintons transition team. Whose voice do we hear in the marketplace evidence. I replace the perpetual inventory measure of capital with a book value measure of capital using data on book values of structures and equipment. Are thomas pikettys analyses of inequality on target. The elasticity of substitution between capital and labor is central for several policy questions in economics. The economics of worklife conflict and coeditor of after piketty. The rest of the book is devoted to newly commissioned essays that interrogate pikettys arguments.
Books recent books earlier books by decade browse books by series chapters from books in process. Bradford delong, marshall steinbaum harvard university press cambridge, massachusetts wikipedia citation please see wikipedias template documentation for further citation fields that may be required. 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. 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. You can read and invest as much effort as one desires.
Whats wrong with capital in the twentyfirst centurys model. In oberfield and ravals model, there are two ways for labors share to decline. The agenda for economics and inequality, edited by heather boushey, bradford delong and marshall steinbaum, is a book by economists, for economists. A new anthology of essays reconsiders thomas pikettys capital. 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. 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. 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.
The economics of artificial intelligence is a terrific collection, edited by ajay agarwal, josh gans and avi goldfarb. This book is an extended series of essays with critiques of pickettys capital from scholars who take his thesis seriously and are somewhat sympathetic to it. On the welfare costs of business cycles in the us michel robe, kogod school of business, american university, coauthored with stephane pallage september 18. China and india quarterly journal of economics 124. 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. The book varies in levels of difficulty from polisci articles to very difficult economics papers strewn with equations. Devesh raval is an economist in the consumer protection division of the. The rest of the book is devoted to newly commissioned essays that interrogate piketty\s arguments. Second, i replace the perpetual inventory measure of capital with a book value.
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