Packet 15: Bonus 11
This formula is called the “Fundamental Force for Divergence” in a book that argues its consequences cannot be solved by unrestricted competition and must be addressed with a capital tax. For 10 points each:
[10m] Give this formula, which is used to explain a u-shaped curve in capital/income ratios in Western Europe between the years 1870 and 2010.
ANSWER: r > g (“r is greater than g”) [accept descriptions of the rate of return on capital being higher than growth rate]
[10e] The formula r > g is central to the discussion of inequality in Capital in the Twenty-First Century, a book by this French economist.
ANSWER: Thomas Piketty
[10h] In Part One of Capital in the Twenty-First Century, Piketty repeatedly cites novels by Jane Austen and Honoré de Balzac to illustrate his argument that this economic phenomenon was basically nonexistent before World War I.
ANSWER: inflation
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