58. Piketty acknowledges speculation drives asset market prices -- page 172. But he does not provide an alternative to dampen speculation such as Land Value Taxation.
59. Retained earnings are put back into stocks as a greater rate than economic growth, long term -- page 176 - 177
60. Durable household goods not counted as savings, but corporate durable goods are so counted and their depreciation is written off taxes -- page 179
61. Distinction between public and private wealth may be arbitrary, e.g. charities like foundations -- page 182
62. In most rich countries, borrowing exceeded public savings/investments
63. All countries are privatizing assets -- page 186
64. Rise in value of pure urban land does not account for rise in capital/income -- page 198
65. Returns on capital higher than from labor -- pages 205-206 and were 4-5% in the 19th century.
66. Rental value of housing is 3-4% but housing is - total national wealth -- page 209
67. Real estate and financial wealth account for "bulk of private wealth."
68. Too much capital kills return on capital -- page 215
69. 30% return to capital was the norm after WWII -- page 218 (But this is too simplistic)
70. Capital tends to replace labor over time page 221 Gaffney makes the point that tractors (capital) actually replaced the land that was used to feed draft horses on farms -- about 1/3 of the typical farm -- and not labor. There are other such examples that contradict Piketty's big pronouncement.
71. Income from Capital defined as any income not from labor, including rent -- page 242 (but see important "slavery" exception 1770-1860)
72. Inequality resulting from difference in capital returns always greater than inequality resulting from difference in labor returns -- page 244
73. Top 10% of labor receives 25-30% of labor income. Top 10% of capital receives 50% of capital income, up to 98% in some societies. See charts of labor and capital inequality -- pages 246-249
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