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The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies

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Piketty in the long run.

Frank A Cowell¹

¹STICERD, London School of Economics and Political Science.

The British Journal of Sociology

|December 18, 2014

Summary

This study explores Thomas Piketty's concept of "the long run" in wealth distribution, emphasizing complex generational processes over simplistic equilibrium models for policy analysis.

Area of Science:

Economics
Sociology

Background:

Thomas Piketty's "Capital in the Twenty-First Century" (2014) offers a complex view of long-run wealth distribution.
Previous interpretations often oversimplify the dynamics of income and wealth inequality.

Purpose of the Study:

To critically examine the concept of "the long run" as presented in Piketty (2014).
To analyze the intra- and inter-generational mechanisms driving wealth distribution.
To evaluate the utility of equilibrium distribution models in long-run policy analysis.

Main Methods:

Analysis of economic literature, particularly Piketty (2014).
Conceptual modeling using the idea of an equilibrium distribution.
Distinguishing between market and non-market mechanisms influencing wealth.

Keywords:

Long run equilibrium income distribution inequality inheritance wealth distribution

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Main Results:

Piketty's long-run analysis involves intricate market and non-market generational processes.
Equilibrium distribution is a useful concept for isolating factors affecting inequality.
There is no inherent tendency for wealth distribution to naturally approach equilibrium.

Conclusions:

Long-run policy analysis should not assume an automatic convergence to wealth distribution equilibrium.
Understanding generational wealth transfer mechanisms is crucial for addressing inequality.
A nuanced approach is needed to interpret long-run economic trends.