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Again on Piketty’s Capital in the Twenty-First Century or Why National Accounts and Three Simple Laws Should not be a Substitute for Economic Theory

Christian Flamant

…made by Piketty between “capital” and “wealth” which for him cover the same economic reality, and shows that productive capital, real estate capital and net financial assets cannot be put…
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The Price Cannot be Right: Taxation, Sub-Intrinsic-Value Housing Bubbles, and Financial Instability

Gavin R. Putland

…parameters, on the hypothesis that prices reflect net present values (NPVs) of future cash flows. Special cases are noted and interpreted. The formula explains the counterintuitive observation that a stamp…
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Does Saving Increase the Supply of Credit? A Critique of Loanable Funds Theory

Fabian Lindner

…net financial assets) through a reduction in expenditures reduces other economic units’ revenues and thus their ability to spend and save. Using the concept of excess demand and supply, it…
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