Piketty’s main theoretical prediction is that a small elite will own all wealth if capitalism is left to its own devices. We formulate and calibrate a Post-Keynesian model with an endogenous distribution of wealth between workers and capitalists. The model permits Piketty’s corner solution of all wealth held by capitalists; however, it also shows that interior solutions with a stable, non-zero wealth share of workers, a stable wealth-to-income ratio, and a stable and positive gap between the profit and the growth rate determined by the Cambridge equation. Furthermore, simulations show that the model conforms to Piketty’s empirical findings in a transitional phase, in which the wealth share of capitalists rises to over 60%, the wealth-to-income ratio increases, and income inequality rises. Finally, we show that the introduction of a wealth tax as suggested by Piketty could neutralize the rise in wealth concentration.

中文翻译：

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在后凯恩斯主义框架中理解皮凯蒂的“基本定律”：财富不平等的过渡动态

皮凯蒂的主要理论预测是，如果让资本主义任其发展，一小撮精英将拥有所有财富。我们用工人和资本家之间的内生财富分配来制定和校准后凯恩斯主义模型。该模型允许 Piketty 解决资本家持有的所有财富；然而，它也显示了具有稳定的、非零的工人财富份额、稳定的财富收入比以及由剑桥方程确定的利润与增长率之间稳定且正的差距的内部解决方案。此外，模拟表明该模型符合皮凯蒂在过渡阶段的实证研究结果，即资本家的财富份额上升到60%以上，财富收入比增加，收入不平等加剧。最后，