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What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories.

Thomas Piketty's Capital in the Twenty-First Century is a study of inequity, both historically and in the present. The book describes how the concentration of wealth has changed over time. Its central thesis is that return on capital is greater than growth over time, which means that capital and inequality inevitably increase. The book also considers the ways governments might address the increasing concentration of wealth in the future.

In his best-selling 2013 book, Capital in the Twenty-First Century, Piketty takes issue with the idea that, despite the odd bump along the way (not least the 2007-08 global financial crisis), inequality tends to decline as capitalism matures. Piketty spent 15 years building an unparalleled database on wealth and income in France, the United States, and a number of other countries. He uses this data to argue that the opposite is true. Capitalism's natural tendency is, he says, to move toward ever-greater inequality.

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