Mugwump
This is what happens when to capital as % of national income when use rents rather than house prices (p.5) pic.twitter.com/F7i8W4bQqC
Piketty undermined: "capital/income ratio is actually stable or only mildly higher" when using rent, not house prices http://spire.sciencespo.fr/hdl:/2441/30nstiku669glbr66l6n7mc2oq/resources/2014-07.pdf …
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Results are exactly the same in UK but notice that almost all increase in capital as % is attributable to housing pic.twitter.com/4hh3yy2EnO
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1) Study makes interesting point that increase in house prices dont necessarily lead to mass inequality - maybe worth making distinction for
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2) Piketty's data but not actual capital as % of income. Actual shows no significant changes and Piketty shows supply side restrictions
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3) Also possible to say study understates impact of house prices on inequality as doesnt consider widerange effect (last para, S.IV, part C)
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Also: " diffusion of homeownership is likely to slow or even reverse the rise of inequality regardless of trends in housing prices" (p.10)
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When using non-P data, "income inequality has increased but due to a more unequal distribution of wages and rising returns of human capital"
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Brilliant paper - note 2 questions in conclusion which emphasise housing rental is key, not capital measured by house prices. H/t to
@bswud
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