Capital in the 21st Century, Author: Thomas Piketty.
By Matthew Yglesias – There are different concepts of capital floating around in the economics literature. But Piketty uses an expansive definition of capital so that it is the same as wealth.
The fortunes of the wealthy were destroyed by two world wars, the Great Depression, and extreme wartime finance measures.
Then a few decades of rapid economic growth created a situation in which newly earned income was a much bigger deal than old wealth.
In the contemporary environment of slow economic growth, Piketty says this process is over.
Unless drastic measures are taken, the future belongs to people who simply own stuff they inherited from their parents. more> http://tinyurl.com/lyn4pjv