Top income shares and aggregate wealth-income ratio in a two-class corporate economy
基于剑桥两阶级模型，分析美国顶层收入份额和总财富收入比的决定因素，指出金融化加剧不平等，且1980-2007年财富收入比上升主要由资产价格通胀而非技术关系驱动。
This paper examines some determinants of top income shares and the aggregate wealth-income ratio in the USA. The paper, first, points out the difficulties in Piketty’s neo-classical version of explanation of US income inequality, which stresses the effect of the rising aggregate wealth-income ratio and high elasticity of factor substitution. Second, the analysis, based on a Cambridge two-class model along the lines of Kaldor (1955–56, 1966) and Pasinetti (1962), highlights the role of financialization in increasing inequality. Third, the analysis suggests that the rise in the aggregate wealth-income ratio from 1980 to 2007 in the USA is explained mostly by asset price inflation, not by technical relations. Finally, the analysis examines the effects of the slowdown in capital accumulation on income distribution and wealth-income ratios, which are very different from those in Piketty’s Capital in the Twenty-First Century.