This paper extends Piketty’s analysis of the wealth-income ratio used as a proxy for wealth inequality, to allow for innovation. Drawing on a Schumpeterian (R&D-based) growth model that incorporates both tangible and intangible capital and using historical data for 21 OECD countries, we find the wealth-income ratio to be significantly and positively related to R&D intensity and the fixed capital investment ratio, but negatively related to income growth. Accounting for the innovation-induced counteracting growth-effect on the wealth-income ratio, we show that the net effect of R&D on wealth inequality is positive.

中文翻译：

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长期财富不平等：熊彼特式的增长视角

本文扩展了皮凯蒂对用作财富不平等代理的财富收入比的分析，以允许创新。借鉴包含有形和无形资本的熊彼特式（基于研发的）增长模型，并使用 21 个经合组织国家的历史数据，我们发现财富收入比与研发强度和固定资本投资比率显着正相关，但与收入增长呈负相关。考虑到创新引起的抵消增长对财富收入比的影响，我们表明研发对财富不平等的净效应是正的。