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首页> 外文期刊>The quarterly review of economics and finance >Piketty's Capital in the 21 st Century and modern finance: The other [r-g] relationship
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Piketty's Capital in the 21 st Century and modern finance: The other [r-g] relationship

机译：皮凯蒂在21世纪的资本与现代金融：另一种[r-g]关系

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In this study we look at one wheel in the machinery of modern finance that may help evaluate Piketty’s contributions in his best-seller Capital in the 21st Century (C21C): the constant-growth equity model, also known as Gordon’s model. We first briefly review Piketty’s text, and highlight two theories advanced by Piketty: one about the relationship between return on capital and economic growth (r−g) associated with the ratio between two variables (k/y), and another theory in which the same (k/y) relationship is associated with a ratio between the growth rate of savings-to-economic growth (i.e., k/y=s/g). Piketty uses these two devices, s/g and r>g to warn readers about a possible future of secular stagnation (a continued age of very low or even negative g’s), in which the inequality r>g may create inequality levels not seen since the XIX century, or worse. The constant growth model, however, provides what Piketty’s analysis does not include: transitional dynamics, the adjustments agents would make in such dire low growth scenario and system responses. Furthermore, the constant growth model shows why r>g, r−g>0 is both a logical and a computational condition valid for all times. In sum, we show that Piketty’s theoretical devices cannot support his contentions.
机译：在这项研究中，我们着眼于现代金融机制中的一个轮子，该轮子可能有助于评估Piketty在其21世纪最畅销的《资本》（C21C）中的贡献：恒定增长股权模型，也称为Gordon模型。我们首先简要回顾一下Piketty的文章，重点介绍Piketty提出的两种理论：一种关于资本收益率与经济增长（rg）之间的关系，该关系与两个变量（k / y）的比率相关，另一种理论是相同的（k / y）关系与储蓄增长率与经济增长率之间的比率（即k / y = s / g）相关。 Piketty使用s / g和r> g这两个装置来警告读者世俗停滞的可能未来（持续很低的g甚至是负g的持续年龄），其中不等式r> g可能会产生自从十九世纪，甚至更糟。但是，恒定增长模型提供了Piketty的分析不包括的内容：过渡动态，代理商在如此可怕的低增长情景和系统响应中做出的调整。此外，恒定增长模型表明为什么r> g，r-g> 0既是逻辑上又是计算条件下始终有效。总而言之，我们证明了皮凯蒂的理论手段无法支持他的论点。

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