Inheritance and Inequality
In his book Capital in the Twenty-First Century, Thomas Piketty emphasizes the rising share of inheritances and gifts in household wealth over time. This seems like a shocking revelation, implying ever-rising wealth inequality, but is it correct?
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NEW YORK – The buzz over Thomas Piketty’s book Capital in the Twenty-First Century may have subsided somewhat, but the analysis of its conclusions is far from complete. Consider its discussion of inheritance, which emphasizes its rising share in household wealth over time. This seems like a shocking revelation, implying ever-rising wealth inequality. But is it correct?