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FACTOR INCOME DISTRIBUTION AND ENDOGENOUS ECONOMIC GROWTH: PIKETTY MEETS ROMER

机译:因子收入分配和内源性经济增长:Piketty遇见罗默

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摘要

What is the relationship between the economy's long‐run growth rate, its capital‐income ratio, and its factor income distribution? A satisfactory answer requires an endogenous growth and savings rate. We scrutinize Piketty's (2014) theory in a richly parameterized variant of Romer's (1990) seminal model with and without population growth. The economy's growth and savings rate are exogenous in Piketty's theory and endogenous in Romer's. In contrast to Piketty's Second Fundamental Law of Capitalism a smaller growth rate may be associated with a smaller capital‐income ratio. Moreover, it may go together with a greater or a smaller capital share. (JEL E10,E21,E25,O33,O41)
机译:经济长期增长率,资本收入比率及其因素收入分配是什么?令人满意的答案需要内源性增长和储蓄率。我们在罗默(1990)型精彩模型的丰富参数化变种中审查Piketty(2014)理论,没有人口增长。经济的增长和储蓄率在Piketty的理论和内源性在Romer的生长和储蓄率是外源性的。与Piketty的资本主义的第二根本法律相比,较小的增长率可能与较小的资本收入比例相关。此外,它可以与更大或更小的资本份额一起。 (JEL E10,E21,E25,O33,O41)

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