Notes
1 Paraphrasing the critique towards Piketty presented by Acemoglu and Robinson (Citation2017).
2 Discussed in an extensive literature, see for example Dribe and Helgertz (Citation2016).
3 Something mirrored in the higher returns to big fortunes when studying Swedish asset portfolios (Bach, Calvet, & Sodini, Citation2015).
Acemoglu, D., & Robinson, J. A. (2017). The rise and decline of the general laws of capitalism. In J.-P. Delsol, L. Nicolas, & M. Emmanuel (Eds.), Anti-Piketty. Capital for the 21st century ( pp.145–183). Washington DC: Cato Institute. Dribe, M., & Helgertz, J. (2016). The lasting impact of Grandfathers: Class, occupational status, and earnings over three generations in Sweden 1815–2011. The Journal of Economic History, 76(4), 969–1000. Bach, L., Calvet, L. E., & Sodini, P. (2016). Rich pickings? Risk, return, and skill in the portfolios of the wealthy. CEPR Discussion Paper no. 11734.