Is Piketty strongsstrong Second Law of Capitalism Fundamental.pdfVIP

Is Piketty’s “Second Law of Capitalism” Fundamental? Review by: Per Krusell and Anthony A. SmithJr. Journal of Political Economy, Vol. 123, No. 4 (August 2015), pp. 725-748 Published by: The University of Chicago Press Stable URL: /stable/10.1086/682574 . Accessed: 08/08/2015 10:16 Your use of the JSTOR archive indicates your acceptance of the Terms Conditions of Use, available at . /page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@. . The University of Chicago Press is collaborating with JSTOR to digitize, preserve and extend access to Journal of Political Economy. This content downloaded from 52 on Sat, 8 Aug 2015 10:16:40 AM All use subject to JSTOR Terms and Conditions Is Piketty’s “Second Law of Capitalism” Fundamental? Per Krusell Institute for International Economic Studies, University of Gothenburg, Centre for Economic Policy Research, and National Bureau of Economic Research Anthony A. Smith, Jr. Yale University and National Bureau of Economic Research I. Introduction Thomas Piketty’s recent book Capital in the Twenty-First Century ð2014Þ is a timely and important contribution that turns our attention to striking long-run trends in economic inequality. A large part of the book is thus a documentation of historical data, going further back in time, and focus- ing more on the very richest in society, than have most existing economic studies. This work is bound to remain influential. A central theme in the book also goes beyond mere documentation: as the title of the book suggests, it