Return on capital and economic growth발음듣기
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Return on capital and economic growth
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One of the core ideas of capital in the 21st century is looking at the after tax return on capital.발음듣기
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With the contention that if the return on capital if R is greater than G then this is associated with, that this right over here would be associated with rising income equality and that more and more income is going to go towards the owners of capital versus labor and since capital tends to be concentrated, wealth is you know, you could view capital as wealth and since wealth tends to be concentrated that will just make the concentration happen even further, even more in equalities and wealth.발음듣기
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Now, before we get into that Whether you believe that causality or not, is let's just understand return on capital and how that might compare to economical growth and how that might create returns to income to the owners of capital or income to labor.발음듣기
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That actually does come into the conversation is we're thinking about the market value of things or we're looking at some things on a more intrinsic basis but let's just go with this simple analogy right now just to start to get our hands around the idea our heads around the ideas of return on capital and economic growth and how they might relate to each other.발음듣기
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And so that this 100 gold pieces is going to be split between the owners of the capital, the people who own the land and the tools and whatever else of the goldmine and the people doing the work.발음듣기
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That's the part that goes to labor and let's say that 50 gold pieces goes to the owners of capital.발음듣기
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Let's go to year two. And let's just say for the sake of argument that all of this capital that the owners of the capital got that they reinvested back into the goldmine.발음듣기
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Now, the value of the goldmine, the capital now in year two is going to be 1,050 gold pieces.발음듣기
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Maybe we buy some more equipment, some more land, whatever it might be and so now, it's 1,050 gold pieces and let's say the next year, the national income grows.발음듣기
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Overly simplified, arguably. There's nothing but one big goldmine and now, let's say the national income, let's say, grew by 2%.발음듣기
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There's a bunch of ways that we could split this but let's just say for the sake of argument.발음듣기
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Now, the question and this is one of the central questions of the book, is just because R is greater than G in this situation, is that going to lead to more of the national income going to the owners of capital or is it going to go the other way around?발음듣기
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Given all of these numbers, come up with different breakdowns of say, year two's national income, breaking it down between how much goes to labor and how much goes to capital and think about in this situation where R is greater than G.발음듣기
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For example, you could have a situation where still labor gets 50 gold pieces while capital is getting 52 gold pieces.발음듣기
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The value of the capital is 1,050 gold pieces and so, we have return on capital of almost 5% but a little bit under 5%. 4.95%발음듣기
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In this scenario, the return on capital is approximately 4.95% and we see that once again, R is greater than G and inequality just seems to be getting a little bit more.발음듣기
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Maybe labor had a little bit more leverage this year and they were able to negotiate some wage increases.발음듣기
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Over a larger capital base. Over 1,050, which is equal to, 50 divided by 1,050 gets us to 4.76%. Approximately, 4.76%.발음듣기
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Just in this very, I guess you could say simplified analysis, you could see that just looking superficially at R and comparing it superficially to G, from one year to the next, doesn't necessarily mean that you're going to have rising income equality.발음듣기
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It could be kind of a very high level way of looking at things but just in it itself, if someone told you the year, hey, R, the return on capital is greater than G, you can't say for sure that that in that year in that year that has gone by that there has been an increase in inequality.발음듣기
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Calculating real return in last year dollars
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