Use Piketty's 'First Fundamental Law of Capitalism' to discuss the historical evolution of the capital income share.
Patrick Toche
Use Piketty's 'First Fundamental Law of Capitalism' to discuss the historical evolution of the capital income share.
Clarify the role of the elasticity of substitution between capital and labor in shaping the distribution of income between capital and labor. What range of values of the elasticity do recent empirical studies find?