Marco Ranaldi
@marcoranaldi.bsky.social
Assistant Professor of Economics at UCL and Director of UCL CNET
Political Economy | Inequality | Capitalism | Fractals | Sampling
Website: mranaldi.com
Music: mranaldi.com/music
Political Economy | Inequality | Capitalism | Fractals | Sampling
Website: mranaldi.com
Music: mranaldi.com/music
Pinned
In my new WD paper, I analyze the global capital and labor income distributions, highlighting a capitalization process that benefited the global middle class at the start of the 21st century.
📄 Open-access paper: doi.org/10.1016/j.wo...
📊 Database & description: www.mranaldi.com/research
📄 Open-access paper: doi.org/10.1016/j.wo...
📊 Database & description: www.mranaldi.com/research
Reposted by Marco Ranaldi
The end of a long period of decreasing global inequality?
Concept 3 is Gini between world citizens calculated from some 110+ representative national household surveys with incomes of individuals expressed in PPP dollars.
Concept 3 is Gini between world citizens calculated from some 110+ representative national household surveys with incomes of individuals expressed in PPP dollars.
January 16, 2026 at 1:16 PM
The end of a long period of decreasing global inequality?
Concept 3 is Gini between world citizens calculated from some 110+ representative national household surveys with incomes of individuals expressed in PPP dollars.
Concept 3 is Gini between world citizens calculated from some 110+ representative national household surveys with incomes of individuals expressed in PPP dollars.
Reposted by Marco Ranaldi
🚨 We're hiring an Assistant Professor (Lecturer) in Economics
Only 5 days left to apply. See details 👇
Only 5 days left to apply. See details 👇
📢 We’re hiring!
King's College London Political Economy is recruiting an Assistant Professor (Lecturer in the UK system) in Economics.
Apply here: www.kcl.ac.uk/jobs/130885-...
Feel free to contact me for information about the role and our department.
@kcl-spe.bsky.social @kingsqpe.bsky.social
King's College London Political Economy is recruiting an Assistant Professor (Lecturer in the UK system) in Economics.
Apply here: www.kcl.ac.uk/jobs/130885-...
Feel free to contact me for information about the role and our department.
@kcl-spe.bsky.social @kingsqpe.bsky.social
Lecturer in Economics | King's College London
www.kcl.ac.uk
December 30, 2025 at 1:13 PM
🚨 We're hiring an Assistant Professor (Lecturer) in Economics
Only 5 days left to apply. See details 👇
Only 5 days left to apply. See details 👇
Reposted by Marco Ranaldi
If you’re looking for some holiday reading, my new book — Clearing the Air — is on offer at £1.99 on Kindle for the next 24 hours.
Hope you enjoy!
www.amazon.co.uk/Clearing-Air...
Hope you enjoy!
www.amazon.co.uk/Clearing-Air...
December 22, 2025 at 6:22 AM
If you’re looking for some holiday reading, my new book — Clearing the Air — is on offer at £1.99 on Kindle for the next 24 hours.
Hope you enjoy!
www.amazon.co.uk/Clearing-Air...
Hope you enjoy!
www.amazon.co.uk/Clearing-Air...
Reposted by Marco Ranaldi
Today, we are publishing our World Inequality Report, which reviews the most recent #inequalitydata and exposes the magnitude of #inequality across time, space and all its dimensions.
👇Share this thread, share the report!
www.youtube.com/watch?v=R67u...
👇Share this thread, share the report!
www.youtube.com/watch?v=R67u...
World Inequality Report 2026
YouTube video by World Inequality Lab
www.youtube.com
December 10, 2025 at 10:24 AM
Today, we are publishing our World Inequality Report, which reviews the most recent #inequalitydata and exposes the magnitude of #inequality across time, space and all its dimensions.
👇Share this thread, share the report!
www.youtube.com/watch?v=R67u...
👇Share this thread, share the report!
www.youtube.com/watch?v=R67u...
Reposted by Marco Ranaldi
My paper with Shlomo Yitzhaki whose work and life we shall celebrate on May 20, 2026 at Hebrew University in Jerusalem.
Decomposing World Income Distribution: Does the World Have a Middle Class? Review of Income & Wealth, 2002.
onlinelibrary.wiley.com/doi/10.1111/...
Decomposing World Income Distribution: Does the World Have a Middle Class? Review of Income & Wealth, 2002.
onlinelibrary.wiley.com/doi/10.1111/...
Decomposing World Income Distribution: Does The World Have A Middle Class?
Using the national income/expenditure distribution data from 111 countries, we decompose total inequality between the individuals in the world, by continents and regions. We use Yitzhaki’s Gini decom...
onlinelibrary.wiley.com
December 10, 2025 at 5:10 PM
My paper with Shlomo Yitzhaki whose work and life we shall celebrate on May 20, 2026 at Hebrew University in Jerusalem.
Decomposing World Income Distribution: Does the World Have a Middle Class? Review of Income & Wealth, 2002.
onlinelibrary.wiley.com/doi/10.1111/...
Decomposing World Income Distribution: Does the World Have a Middle Class? Review of Income & Wealth, 2002.
onlinelibrary.wiley.com/doi/10.1111/...
Reposted by Marco Ranaldi
Podcast on my @politybooks.bsky.social book, in St Andrews splendid @rbpodcast.bsky.social series.
I discuss the links between classical liberty and P. Aghion's Schumpeterian theory, and pick from M. Wolf's and @brankomilan.bsky.social's reform programmes
www.intellectualhistory.net/roots-and-br...
I discuss the links between classical liberty and P. Aghion's Schumpeterian theory, and pick from M. Wolf's and @brankomilan.bsky.social's reform programmes
www.intellectualhistory.net/roots-and-br...
December 9, 2025 at 8:06 AM
Podcast on my @politybooks.bsky.social book, in St Andrews splendid @rbpodcast.bsky.social series.
I discuss the links between classical liberty and P. Aghion's Schumpeterian theory, and pick from M. Wolf's and @brankomilan.bsky.social's reform programmes
www.intellectualhistory.net/roots-and-br...
I discuss the links between classical liberty and P. Aghion's Schumpeterian theory, and pick from M. Wolf's and @brankomilan.bsky.social's reform programmes
www.intellectualhistory.net/roots-and-br...
Reposted by Marco Ranaldi
South Africa remains the most unequal country in the world, with the top 10% earning 70% of all pretax income.
New study by A. Gethin & L. Czajka shows that inequality in 2019 was as high as in 1993.
Racial inequality reduced only because top 10% Black incomes surged.
▶️ wid.world/news-article...
New study by A. Gethin & L. Czajka shows that inequality in 2019 was as high as in 1993.
Racial inequality reduced only because top 10% Black incomes surged.
▶️ wid.world/news-article...
Racial Inequality and Redistribution in Post-Apartheid South Africa - WID - World Inequality Database
Racial Inequality and Redistribution in Post-Apartheid South Africa The source for global inequality data. Open access, high quality wealth and income inequality data developed by an international aca...
wid.world
December 8, 2025 at 3:31 PM
South Africa remains the most unequal country in the world, with the top 10% earning 70% of all pretax income.
New study by A. Gethin & L. Czajka shows that inequality in 2019 was as high as in 1993.
Racial inequality reduced only because top 10% Black incomes surged.
▶️ wid.world/news-article...
New study by A. Gethin & L. Czajka shows that inequality in 2019 was as high as in 1993.
Racial inequality reduced only because top 10% Black incomes surged.
▶️ wid.world/news-article...
Reposted by Marco Ranaldi
Checking off your pre-🎄to-do list?
Don’t forget to submit your paper to the Bristol Applied Economics Meetings (BÆM)!
🗓️ 5–8 May 2026 | 📍 University of Bristol School of Economics
🔗 www.baem.info
Send us your best work!
Don’t forget to submit your paper to the Bristol Applied Economics Meetings (BÆM)!
🗓️ 5–8 May 2026 | 📍 University of Bristol School of Economics
🔗 www.baem.info
Send us your best work!
December 8, 2025 at 4:24 PM
Checking off your pre-🎄to-do list?
Don’t forget to submit your paper to the Bristol Applied Economics Meetings (BÆM)!
🗓️ 5–8 May 2026 | 📍 University of Bristol School of Economics
🔗 www.baem.info
Send us your best work!
Don’t forget to submit your paper to the Bristol Applied Economics Meetings (BÆM)!
🗓️ 5–8 May 2026 | 📍 University of Bristol School of Economics
🔗 www.baem.info
Send us your best work!
Great having you with us, Salvatore! Your impressive work on inheritance and wealth inequality, from the collection of new data and stylised facts to methodological innovations that improve its measurement, will, I am sure, continue to profoundly influence the inequality debate in the years to come!
On Wednesday, I joined the 12th London Inequality Workshop at King’s College London, hosted by the London Inequality Network. It brought together over 50 scholars to discuss wealth, inheritance, and mobility.
Thks @yonatanberman.com @marcoranaldi.bsky.social @cmtneztt.bsky.social for the invitation!
Thks @yonatanberman.com @marcoranaldi.bsky.social @cmtneztt.bsky.social for the invitation!
December 5, 2025 at 12:24 PM
Great having you with us, Salvatore! Your impressive work on inheritance and wealth inequality, from the collection of new data and stylised facts to methodological innovations that improve its measurement, will, I am sure, continue to profoundly influence the inequality debate in the years to come!
Reposted by Marco Ranaldi
Happening today!
📢 Event Announcement!
Join us on December 3rd afternoon at King’s College London for our upcoming London Inequality Workshop.
We’ll have three excellent speakers, followed by informal drinks nearby!
✅ Planning to attend? Please register here: tinyurl.com/LINWorkshop12
Join us on December 3rd afternoon at King’s College London for our upcoming London Inequality Workshop.
We’ll have three excellent speakers, followed by informal drinks nearby!
✅ Planning to attend? Please register here: tinyurl.com/LINWorkshop12
12th London Inequality Workshop
The London Inequality Workshop brings together researchers studying economic inequality, based in and around London.
www.eventbrite.co.uk
December 3, 2025 at 9:02 AM
Happening today!
Reposted by Marco Ranaldi
Delighted to share that as of today I’m joining @ceri-sciencespo.bsky.social as Assistant Professor!
I’ll be researching violence against youth across Latin American cities.
Grateful to the @gvagrad-ccdp.bsky.social for being a wonderful home over the past years.
More at www.elenabutti.com.
I’ll be researching violence against youth across Latin American cities.
Grateful to the @gvagrad-ccdp.bsky.social for being a wonderful home over the past years.
More at www.elenabutti.com.
December 1, 2025 at 4:51 PM
Delighted to share that as of today I’m joining @ceri-sciencespo.bsky.social as Assistant Professor!
I’ll be researching violence against youth across Latin American cities.
Grateful to the @gvagrad-ccdp.bsky.social for being a wonderful home over the past years.
More at www.elenabutti.com.
I’ll be researching violence against youth across Latin American cities.
Grateful to the @gvagrad-ccdp.bsky.social for being a wonderful home over the past years.
More at www.elenabutti.com.
Segnalo questo articolo di Nicolò Bellanca su MicroMega, che analizza il tema della disuguaglianza composizionale e presenta alcune delle ricerche mie e di
@brankomilan.bsky.social su capitale e lavoro!
@brankomilan.bsky.social su capitale e lavoro!
Il nuovo capitalismo: quando le élite uniscono lavoro e capitale
Nel nuovo capitalismo i redditi da lavoro si sommano a quelli da capitale. Spetta alla sinistra immaginarne una vera democratizzazione.
www.micromega.net
December 1, 2025 at 10:43 AM
Segnalo questo articolo di Nicolò Bellanca su MicroMega, che analizza il tema della disuguaglianza composizionale e presenta alcune delle ricerche mie e di
@brankomilan.bsky.social su capitale e lavoro!
@brankomilan.bsky.social su capitale e lavoro!
Reposted by Marco Ranaldi
📢One week to go!
There is still some time to sign up!
👇
There is still some time to sign up!
👇
📢 Event Announcement!
Join us on December 3rd afternoon at King’s College London for our upcoming London Inequality Workshop.
We’ll have three excellent speakers, followed by informal drinks nearby!
✅ Planning to attend? Please register here: tinyurl.com/LINWorkshop12
Join us on December 3rd afternoon at King’s College London for our upcoming London Inequality Workshop.
We’ll have three excellent speakers, followed by informal drinks nearby!
✅ Planning to attend? Please register here: tinyurl.com/LINWorkshop12
12th London Inequality Workshop
The London Inequality Workshop brings together researchers studying economic inequality, based in and around London.
www.eventbrite.co.uk
November 26, 2025 at 2:54 PM
📢One week to go!
There is still some time to sign up!
👇
There is still some time to sign up!
👇
Reposted by Marco Ranaldi
L'ultimo Rapporto Povertà di Caritas Italiana ospita anche un mio saggio, con Giacomo Gabbuti.
Parliamo delle disuguaglianze esistenti e del come e perché occuparsene. Felici di aver ospitato la presentazione all'università Roma Tre.
La registrazione completa👇
www.youtube.com/watch?v=t5ht...
Parliamo delle disuguaglianze esistenti e del come e perché occuparsene. Felici di aver ospitato la presentazione all'università Roma Tre.
La registrazione completa👇
www.youtube.com/watch?v=t5ht...
November 21, 2025 at 4:21 PM
L'ultimo Rapporto Povertà di Caritas Italiana ospita anche un mio saggio, con Giacomo Gabbuti.
Parliamo delle disuguaglianze esistenti e del come e perché occuparsene. Felici di aver ospitato la presentazione all'università Roma Tre.
La registrazione completa👇
www.youtube.com/watch?v=t5ht...
Parliamo delle disuguaglianze esistenti e del come e perché occuparsene. Felici di aver ospitato la presentazione all'università Roma Tre.
La registrazione completa👇
www.youtube.com/watch?v=t5ht...
Reposted by Marco Ranaldi
My colleagues are organizing a workshop on
*AI for economic research*
next March.
Paper submission is open now!
icms.ac.uk/activities/w...
*AI for economic research*
next March.
Paper submission is open now!
icms.ac.uk/activities/w...
AI and Economics - ICMS
Workshop Template
icms.ac.uk
November 22, 2025 at 2:17 PM
My colleagues are organizing a workshop on
*AI for economic research*
next March.
Paper submission is open now!
icms.ac.uk/activities/w...
*AI for economic research*
next March.
Paper submission is open now!
icms.ac.uk/activities/w...
[Music] My new piano composition Cité is out now and available on Spotify ☺️
Cover art: Fabio Ranaldi
Sound engineering: Beatrice Balagna
Production: Elena Butti
Cover art: Fabio Ranaldi
Sound engineering: Beatrice Balagna
Production: Elena Butti
Cité
open.spotify.com
November 22, 2025 at 12:02 PM
[Music] My new piano composition Cité is out now and available on Spotify ☺️
Cover art: Fabio Ranaldi
Sound engineering: Beatrice Balagna
Production: Elena Butti
Cover art: Fabio Ranaldi
Sound engineering: Beatrice Balagna
Production: Elena Butti
Reposted by Marco Ranaldi
Our speaker this week is @robertoiacono.org (NTNU), who is currently visiting our Department of Economics @unipisa.bsky.social and presents "Capital and Labor Income Mobility", joint with @marcoranaldi.bsky.social and @joelliambuehler.bsky.social . www.ec.unipi.it/eventi/rober... #econsky #seminar
Roberto Iacono (Norwegian University of Science and Technology): Capital and Labor Income Mobility - Dipartimento di Economia e Management
Date: Wednesday, 12 November 2025, at 2:30 pm Venue: Room Bruguier Pacini, DEM + Online via Teams Speaker: Roberto Iacono…Leggi tutto...
www.ec.unipi.it
November 11, 2025 at 11:50 PM
Our speaker this week is @robertoiacono.org (NTNU), who is currently visiting our Department of Economics @unipisa.bsky.social and presents "Capital and Labor Income Mobility", joint with @marcoranaldi.bsky.social and @joelliambuehler.bsky.social . www.ec.unipi.it/eventi/rober... #econsky #seminar
Reposted by Marco Ranaldi
JOB OPPORTUNITY: Post Doctoral Research Associate in the Economics of Technological Change (2yr) ➵ https://www.inet.ox.ac.uk/vacancies
Join the @oxmartinschool.bsky.social Prog. on Forecasting Technological Change, led by @francoislafond.bsky.social , @doynefarmer.bsky.social & @maxroser.bsky.social
Join the @oxmartinschool.bsky.social Prog. on Forecasting Technological Change, led by @francoislafond.bsky.social , @doynefarmer.bsky.social & @maxroser.bsky.social
November 3, 2025 at 1:03 PM
JOB OPPORTUNITY: Post Doctoral Research Associate in the Economics of Technological Change (2yr) ➵ https://www.inet.ox.ac.uk/vacancies
Join the @oxmartinschool.bsky.social Prog. on Forecasting Technological Change, led by @francoislafond.bsky.social , @doynefarmer.bsky.social & @maxroser.bsky.social
Join the @oxmartinschool.bsky.social Prog. on Forecasting Technological Change, led by @francoislafond.bsky.social , @doynefarmer.bsky.social & @maxroser.bsky.social
Reposted by Marco Ranaldi
Does #equality promote #inclusion and #productivity, or hinder #growth❓
🔴Our new study revisits this long-running debate — finding a strong positive link between equality and development over the long run.
Read more▶️ wid.world/news-article...
🔴Our new study revisits this long-running debate — finding a strong positive link between equality and development over the long run.
Read more▶️ wid.world/news-article...
Equality and Development: A Comparative & Historical Perspective 1800-2025 - WID - World Inequality Database
Equality and Development: A Comparative & Historical Perspective 1800-2025 This paper combines income and wealth inequality series from the World Inequality Database (WID) and new global series on hou...
wid.world
October 27, 2025 at 4:33 PM
Does #equality promote #inclusion and #productivity, or hinder #growth❓
🔴Our new study revisits this long-running debate — finding a strong positive link between equality and development over the long run.
Read more▶️ wid.world/news-article...
🔴Our new study revisits this long-running debate — finding a strong positive link between equality and development over the long run.
Read more▶️ wid.world/news-article...
Reposted by Marco Ranaldi
📢 Event Announcement!
Join us on December 3rd afternoon at King’s College London for our upcoming London Inequality Workshop.
We’ll have three excellent speakers, followed by informal drinks nearby!
✅ Planning to attend? Please register here: tinyurl.com/LINWorkshop12
Join us on December 3rd afternoon at King’s College London for our upcoming London Inequality Workshop.
We’ll have three excellent speakers, followed by informal drinks nearby!
✅ Planning to attend? Please register here: tinyurl.com/LINWorkshop12
12th London Inequality Workshop
The London Inequality Workshop brings together researchers studying economic inequality, based in and around London.
www.eventbrite.co.uk
October 24, 2025 at 12:48 PM
📢 Event Announcement!
Join us on December 3rd afternoon at King’s College London for our upcoming London Inequality Workshop.
We’ll have three excellent speakers, followed by informal drinks nearby!
✅ Planning to attend? Please register here: tinyurl.com/LINWorkshop12
Join us on December 3rd afternoon at King’s College London for our upcoming London Inequality Workshop.
We’ll have three excellent speakers, followed by informal drinks nearby!
✅ Planning to attend? Please register here: tinyurl.com/LINWorkshop12
Reposted by Marco Ranaldi
Two points missing in recent Wealth Tax debates:
- If we measure total taxes as a % of wealth (not income), the system is highly regressive
- The wealthiest pay 3%-4% of their wealth annually in taxes. Wealth Tax shouldn't be seen as starting from zero (see US data from @gabrielzucman.bsky.social)
- If we measure total taxes as a % of wealth (not income), the system is highly regressive
- The wealthiest pay 3%-4% of their wealth annually in taxes. Wealth Tax shouldn't be seen as starting from zero (see US data from @gabrielzucman.bsky.social)
October 21, 2025 at 12:12 PM
Two points missing in recent Wealth Tax debates:
- If we measure total taxes as a % of wealth (not income), the system is highly regressive
- The wealthiest pay 3%-4% of their wealth annually in taxes. Wealth Tax shouldn't be seen as starting from zero (see US data from @gabrielzucman.bsky.social)
- If we measure total taxes as a % of wealth (not income), the system is highly regressive
- The wealthiest pay 3%-4% of their wealth annually in taxes. Wealth Tax shouldn't be seen as starting from zero (see US data from @gabrielzucman.bsky.social)
Reposted by Marco Ranaldi
Two weeks! Apply by Nov. 3 to our postdoctoral scholars program. Two positions starting in Aug. 2026: one focused on #mobility and #poverty, the other on #wealth and/or wealth inequality. Learn more at the link below!
#EconSky #Sociology #PoliSciSky
#EconSky #Sociology #PoliSciSky
Applications are open for our postdoctoral scholars program! These 2-year positions start in Aug. 2026 and are based at the GC CUNY Stone Center. One is focused on #mobility and #poverty, the other on #wealth and/or wealth inequality. Apply by Nov. 3!
#EconSky #Sociology #PoliSciSky
bit.ly/40TZR6J
#EconSky #Sociology #PoliSciSky
bit.ly/40TZR6J
Applications Are Open for Two Postdoctoral Positions at the GC CUNY Stone Center - Stone Center on Socio-Economic Inequality
The Stone Center on Socio-Economic Inequality is seeking applicants for an eighth cohort of postdoctoral scholars. These full-time, two-year positions will begin in August 2026.
stonecenter.gc.cuny.edu
October 20, 2025 at 1:40 PM
Two weeks! Apply by Nov. 3 to our postdoctoral scholars program. Two positions starting in Aug. 2026: one focused on #mobility and #poverty, the other on #wealth and/or wealth inequality. Learn more at the link below!
#EconSky #Sociology #PoliSciSky
#EconSky #Sociology #PoliSciSky
Reposted by Marco Ranaldi
🚨Public service announcement:🚨
Only 2 weeks until the official launch event for "The means of prediction" on Nov 3,
incl discussion with Noam Yuchtman, music, and bar.
Get your free tickets here:
www.eventbrite.co.uk/o/reference-...
& your copy of the book here:
press.uchicago.edu/ucp/books/bo...
Only 2 weeks until the official launch event for "The means of prediction" on Nov 3,
incl discussion with Noam Yuchtman, music, and bar.
Get your free tickets here:
www.eventbrite.co.uk/o/reference-...
& your copy of the book here:
press.uchicago.edu/ucp/books/bo...
Reference Point
Reference Point is a Library, Bookshop and Bar in 180 Strand with a focus on democratising rare and inaccessible visual literature serving as a collaborative space for London's creative community. RP…
www.eventbrite.co.uk
October 20, 2025 at 2:30 PM
🚨Public service announcement:🚨
Only 2 weeks until the official launch event for "The means of prediction" on Nov 3,
incl discussion with Noam Yuchtman, music, and bar.
Get your free tickets here:
www.eventbrite.co.uk/o/reference-...
& your copy of the book here:
press.uchicago.edu/ucp/books/bo...
Only 2 weeks until the official launch event for "The means of prediction" on Nov 3,
incl discussion with Noam Yuchtman, music, and bar.
Get your free tickets here:
www.eventbrite.co.uk/o/reference-...
& your copy of the book here:
press.uchicago.edu/ucp/books/bo...
Reposted by Marco Ranaldi
October 20, 2025 at 8:29 AM
Pleased to see our new paper finally out!
Together with joël bühler and Roberto Iacono, we study income mobility dynamics in Norway using 26 years of high-quality register data.
Main result: upward mobility is primarily driven by labor income — and almost never by capital alone. (1/4)
Together with joël bühler and Roberto Iacono, we study income mobility dynamics in Norway using 26 years of high-quality register data.
Main result: upward mobility is primarily driven by labor income — and almost never by capital alone. (1/4)
Do individuals move ⤴️ or⤵️ the income ladder because of jumps in labor or capital income, or both?
👉Upward mobility is primarily driven by labor income but almost never by capital alone, find @marcoranaldi.bsky.social @joelliambuehler.bsky.social @robertoiacono.org
▶️ wid.world/news-article...
👉Upward mobility is primarily driven by labor income but almost never by capital alone, find @marcoranaldi.bsky.social @joelliambuehler.bsky.social @robertoiacono.org
▶️ wid.world/news-article...
Upward mobility is primarily driven by labor income but almost never by capital alone - WID - World Inequality Database
Upward mobility is primarily driven by labor income but almost never by capital alone This paper studies the dynamics of capital and labor income mobility using high-quality register data from Norway.
wid.world
October 7, 2025 at 1:10 PM
Pleased to see our new paper finally out!
Together with joël bühler and Roberto Iacono, we study income mobility dynamics in Norway using 26 years of high-quality register data.
Main result: upward mobility is primarily driven by labor income — and almost never by capital alone. (1/4)
Together with joël bühler and Roberto Iacono, we study income mobility dynamics in Norway using 26 years of high-quality register data.
Main result: upward mobility is primarily driven by labor income — and almost never by capital alone. (1/4)