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The Limits of the MarketThe Pendulum Between Government and Market$
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Paul De Grauwe

Print publication date: 2017

Print ISBN-13: 9780198784289

Published to Oxford Scholarship Online: January 2017

DOI: 10.1093/acprof:oso/9780198784289.001.0001

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The World of Piketty

The World of Piketty

(p.131) Chapter 12 The World of Piketty
The Limits of the Market

Paul De Grauwe

Oxford University Press

In 2013 the French economist Thomas Piketty wrote a remarkable book entitled Le capital au XXIe siècle. When the English translation, Capital in the Twenty-First Century, was published in 2014, it became a worldwide success. For many economists this book is a milestone in economics. Piketty is already referred to as the new Marx. Piketty was mentioned repeatedly in this book, especially when it came to the internal limits of capitalism. What is so special about his book, and what are the implications of Piketty’s analysis? This chapter addresses these questions, also enabling the limits of capitalism to be better defined.

Keywords:   Thomas Piketty, internal limits, external limits, growth, saving rate

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