Milanovic, Branko2014-08-152014-08-152014-07https://hdl.handle.net/10986/19350The 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.en-USCC BY 3.0 IGOADVANCED COUNTRIESADVANCED ECONOMIESBONDSCAPITAL ACCUMULATIONCAPITALISMCAPITALIST ECONOMIESCAPITALIST ECONOMYCIVIL WARCOMMUNISMCONVERGENCE ECONOMICSDEMOCRACIESDEMOCRACYDEMOGRAPHICDEVELOPED COUNTRIESDEVELOPING COUNTRIESDEVELOPMENT POLICYDISPOSABLE INCOMEDISPOSABLE INCOME INEQUALITYDISTRIBUTION OF INCOMEDISTRIBUTION OF WEALTHDISTRIBUTIONAL EFFECTSECONOMIC COOPERATIONECONOMIC GROWTHECONOMIC HISTORIANSECONOMIC HISTORYECONOMIC INEQUALITYECONOMIC POLICIESECONOMIC POLICYECONOMIC REVIEWECONOMIC THEORIESECONOMIC THEORYELASTICITYELASTICITY OF SUBSTITUTIONEMERGING ECONOMIESEMERGING MARKETEMERGING MARKET ECONOMIESEMPIREEMPIRICAL EVIDENCEEXCHANGE RATEFACTOR SHARESFINANCIAL ASSETSFINANCIAL CRISISFINANCIAL INSTRUMENTSFINANCIAL TRANSACTIONSGDPGDP PER CAPITAGINI COEFFICIENTGOVERNMENT BONDSGROWTH RATEGROWTH RATESGROWTH THEORYHIGH INEQUALITYHIGH INFLATIONHISTORICAL PERSPECTIVEHOUSEHOLD SURVEYSHUMAN CAPITALINCOMEINCOME DISTRIBUTIONINCOME DISTRIBUTIONSINCOME GROUPSINCOME INCREASEINCOME INEQUALITYINCOME LEVELSINCOME SHAREINCOME SHARESINCOME TAXINCOME TAXESINDIVIDUAL COUNTRIESINFLATIONINHERITANCEINTELLECTUAL PROPERTYINTERNATIONAL COMPETITIONLONG-TERM GROWTHLOW INCOMEMARGINAL PRODUCTMARGINAL PRODUCTIVITYMARKET INCOMEMEAN INCOMEMEASURING POVERTYMERITOCRACYMIDDLE CLASSNATIONAL INCOMEOUTPUT RATIOPER CAPITA GROWTHPER CAPITA INCOMEPER CAPITA INCOMESPERSONAL INCOMEPOLICY DISCUSSIONSPOLICY RESEARCHPOLITICAL ECONOMYPOLITICAL POWERPOLITICAL SCIENCEPOOR COUNTRIESPOPULATION GROWTHRATE OF GROWTHRATE OF RETURNRATE OF RETURN ON CAPITALRATE OF RETURN TO CAPITALREAL GDPRECESSIONRELATIVE IMPORTANCEREPUBLICRISING INCOME INEQUALITYRISING INEQUALITYSHARE OF CAPITALSOCIAL SCIENCESTOCK OF CAPITALTAXTAX RATETAX RATESTAXATIONTECHNICAL REQUIREMENTSTOTAL OUTPUTTRADE-OFFWAGESWEALTHWELFARE STATEWELL-BEINGThe Return of "Patrimonial Capitalism" : Review of Thomas Piketty's Capital in the 21st Century10.1596/1813-9450-6974