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Piero Ferri

The chapter applies a model à la Harrod in order to study the implications of a separation between the concepts of capital and private wealth, represented by public debt. It extends the analysis of Chapter 2 by introducing a dynamic analysis where the relationships between growth, wealth and inequality are considered.
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Piero Ferri

This chapter looks at the same problems as the previous chapter, but refers to the financial market. Furthermore, it tests different hypotheses by referring to two alternative dynamic specifications.
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Piero Ferri

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Piero Ferri

This chapter analyses the relationship between rent, wealth and bubbles. It shows how the relationships between income distribution, wealth and growth are more complex than those supported by Piketty. Furthermore, it shows how bubbles can be generated.
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Piero Ferri

This chapter presents the characteristics of alternative workhorse models introduced in the book in order to study the relationships between inequality and instability. It shows how the family of models driven by aggregate demand can be characterized by alternative ways of generating dynamics.
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Piero Ferri

This chapter analyses Piketty’s contribution. It is not a review of his famous book, but it rather underlines the analytical foundations of his contribution, along with his weaknesses: a supply-oriented model where there is no distinction between wealth and capital and no feedback between inequality and the economic system. His inequality r > g is also discussed.
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Piero Ferri

This chapter discusses housing bubbles in a two-sector model that contrasts the productive sector with the housing sector. It shows how the wealth effect can impact on the overall dynamics of the system.
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Piero Ferri

This chapter discusses the metrics in which capital and wealth must be measured. It underlines the different degrees of difficulties characterizing the two concepts, above all when wealth is referred to as personal wealth. The dual role of capital is also stressed, along with the different methodological implications.
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Piero Ferri

This chapter applies a regime-switching device in order to study the impact of inequality on instability. It reinforces the results obtained in the previous chapter and it can mimic important stylized facts.
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Piero Ferri

This chapter applies Cynamon and Fazzari’s interpretation of the Great Recession, based upon Minsky’s financial instability hypothesis, to a dynamic context. It shows how the process of inequality has been fostered by the debt policy and how this process has worsened the instability process. The feedbacks on inequality are also taken into account.