Rent extraction by capitalists
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Brueckner, Markus
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Crawford School of Public Policy, The Australian National University
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Rent extraction by capitalists is present if the capital income share exceeds the capital output elasticity. Based on a sample of 111 countries during the period 1970-2010, this paper provides estimates of the capital output elasticity and compares these to countries' capital income shares. Three findings arise: (i) for the average country in the sample, the capital income share significantly exceeds the capital output elasticity||(ii) the difference between the capital income share and the capital output elasticity has increased since the 1980s||(iii) in democracies the capital income share is not significantly different from the capital output elasticity.
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Centre for Applied Macroeconomic Analysis Working Papers
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