tag:blogger.com,1999:blog-26706564.post4067136205913218586..comments2024-03-25T07:51:47.758-04:00Comments on Thoughts On Economics: Marginal Productivity Theory of Distribution: Acknowledged BlatherskiteRobert Vienneauhttp://www.blogger.com/profile/14748118392842775431noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-26706564.post-45123655287532912342014-10-27T09:15:25.044-04:002014-10-27T09:15:25.044-04:00If he brings up both production functions and a-th...If he brings up both production functions and a-theoretical empirical estimates, then the CCC applies to at least part of his work. I still haven't made it through his book, though.Robert Vienneauhttps://www.blogger.com/profile/00872510108133281526noreply@blogger.comtag:blogger.com,1999:blog-26706564.post-79582551681543759502014-10-25T07:00:11.414-04:002014-10-25T07:00:11.414-04:00I agree in general on the CCCs, I just don't t...I agree in general on the CCCs, I just don't think it applies to Piketty's work. His most important points concern financial returns to capital, rather than the use of capital in production. Sure: he briefly references the PF in the context of empirical estimates of the elasticity of substitution, but he more frequently references the historically observed rate of return on capital. He actually leaves its cause somewhat underexplored (and yes maybe that is a weakness of the book), and I think the main thrust of his analysis - the 'three laws' - stands or falls apart from this.Unlearningeconhttps://www.blogger.com/profile/13687413107325575532noreply@blogger.com