CapitalintheTwenty-FirstCentury

Capital in the Twenty-First Century CAPITAL IN THE TWENTY-FIRST CENTURY Thomas Piketty Translated by Arthur Goldhammer The Belknap Press of Harvard University Press CAMBRIDGE, MASSACHUSETTS LONDON, ENGLAND 2014 Copyright © 2014 by the President and Fellows of Harvard College All rights reserved First published as Le capital au XXI siècle, copyright © 2013 Éditions du Seuil Design by Dean Bornstein Jacket design by Graciela Galup The Library of Congress has cataloged the printed edition as follows Piketty, Thomas, 1971– [Capital au XXIe siècle. English] Capital in the twenty-first century / Thomas Piketty ; translated by Arthur Goldhammer. pages cm Translation of the author’s Le capital au XXIe siècle. Includes bibliographical references and index. ISBN 978-0-674-43000-6 (alk. paper) 1. Capital. 2. Income distribution. 3. Wealth. 4. Labor economics. I. Goldhammer, Arthur, translator. II. Title. HB501.P43613 2014 332'.041—dc23 2013036024 Contents Acknowledgments Introduction Part One: Income and Capital 1. Income and Output 2. Growth: Illusions and Realities Part Two: The Dynamics of......