Week 8: Revision of Core Concepts and Key Questions

Please define and discuss the significance of the following concepts within your reading groups:

  • Economic growth
  • National income
    • Labour income
    • Capital income
  • Capital (wealth)
  • Capital/income ratio (β)
  • Top decile
  • Top centile
  • Taxation

What is the difference between:

  • Private capital
  • Public capital

What has been the main structural transformation of capital since the 19th century?

Describe the trends in the:

  • Ownership of capital/wealth
  • Inequalities of income

What is the significance of R>G for the study of wealth inequality?

  • Which explains rising income inequality in the USA?

What explains the comeback of private capital since the 1970’s?

  • What institutions shape labour income inequality?
  • What institutions shape capital-wealth inequality?

Is rising income and wealth inequality compatible with democracy?

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