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In the long run evolution can be equally transformative, and more so.
But I would be very surprised if any of the substantive conclusions about the long run evolution of wealth distributions was much affected by these improvements.
Their corrected figure actually looks very close to mine regarding the long run evolution, but not for the recent decades, where the FT considers that I overestimate somewhat the rise in wealth inequality (see their figure on United States here).
Their corrected figure actually looks very close to mine regarding the long run evolution, but not for the recent decades, where the FT considers that there was no rise at all in wealth inequality, and possibly a decline, whereas I report a rise (see their figure on Britain here).
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These choices can be discussed and improved, but they are reasonably transparent (they are explicitly mentioned in the excel table, which apparently the FT did not notice), and as one can check they have negligible impact on long run evolutions.
The corrections proposed by the FT to my series (and with which I disagree) are for the most part relatively minor, and do not affect the long run evolutions and my overall analysis, contrarily to what the FT suggests.
The corrections proposed by the FT to my series (and with which I disagree) are for the most part relatively minor, and do not affect the long run evolutions and my overall analysis, contrarily to what the FT suggests," Piketty writes.
The case study provides not just an evolutionary economic analysis of technological change, but also deals with the long-run evolution of technology and the socio-economic system.
…in the long-run evolution of society and in terms of the immediate characteristics of the stage of history typical of Smith's own day.
To identify factors at the base of catch-up cycles, this article adopts a sectoral system framework and identifies windows of opportunity that may emerge during the long-run evolution of an industry.
"I have no doubt that my historical data series can be improved and will be improved in the future … But I would be very surprised if any of the substantive conclusions about the long-run evolution of wealth distributions were much affected by these improvements".
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Justyna Jupowicz-Kozak
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