21世纪资本论.docx

21世纪资本论.docx

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21世纪资本论

21世纪资本论

《21世纪资本论》:

资本在美国

2014-10-31华尔街俱乐部

2013年，法国经济学家托马斯?

皮凯蒂（ThomasPiketty）的新著《21世纪资本论》（CapitalintheTwenty-FirstCentury）出版发行，该书一经出版便引发东西方各国的热议。

书中，作者用翔实数据和生动事例揭露了资本主义贫富差距扩大的总趋势，是第一本关于收入和财富的具有历史意义的经济学著作。

该书中文版由巴曙松研究员、陈剑博士等翻译，于2014年9月由中信出版社出版发行。

下文系该书部分内容摘编，敬请品鉴。

在详细考察20世纪下半叶资本收入比的回升并分析其在21世纪的前景之前，让我们看看资本在美国的历史形态和相对水平。

有几个事实很清楚。

首先，作为新大陆，资本在美国的重要性不及旧大陆（也就是欧洲国家）。

具体来讲，根据我所收集和对比的当时的若干估测数据，美国在取得独立前后（大约1770-1810年）的国民资本仅为国民收入的3倍。

农地的价值约为国民收入的1-1.5倍（参见图1）。

尽管有不确定因素，但北美殖民地的资本收入比显著低于英法两国是毫无疑问的，当时这两个国家的国民资本约为国民收入的7倍，其中农地约为4倍（参见图2和3）。

Stems,rootcausemechanicaldamage,loopingrootamputationatthewoundtopreventinfection.（3）categorytreeseedlings:

aspindleshouldhaveauniformdistributionofmainbranches,branches,trunkdiameterabove3.0CM;maketreesofbroadleavedtreesbranchheightshouldberelativelyconsistent,with3-5mainbranch,trunkdiameterofnotlessthan4cm,branchpointisnotlessthan2.5M;coniferoustreeswiththespindle,thereareprimary.（4）shrubsclassseedlings:

tuftedtypeshrubsrequirementsirrigationbundlefull,andmaincollateraldistributionuniform,andmainbranchnumbernotlessthan5branch,atleasthas3branchaboveirrigationhighreachedprovidesstandard;creepingtypeshrubsrequirementsatleasthas3branchabovemainbranchreachedprovidesstandardlength;vinehealthseedlings,andshouldpointsbranchuniform,andmainarticlenumber5branchabove,andmainarticlediameter1.0CMabove;goingitalonetypeshrubsrequirementswithtrunk,andpointsbranchuniform,basediameterin2.0CMabove;hedgewithshrubsrequirementsirrigationbundlefull,andpointsbranchuniform,anddrylowerleavesnobare,Morethan2yearsold.Allplantsareshrubsshouldmeetthespecifications.（5）thesolitarytreesshouldbeselectedsingleplantingornamentaltreeisbeautiful,highornamentalvalueofindividualplants.（6）designshouldbeselectedwhenthebushesplantedplantspecifications,floweringshrubssuchasrhododendronplantsshouldselectcoloruniformvarieties,plantingintervalanddensity.4,seedlingplantingprojectplantsshouldbelocatedaccordingtothedrawings,andwithreferencetothenationalstandardandsuitabletoavoidlines,plantingpitsshouldbegreaterthantheminimumthicknessrequirements,plantingsoilbackfillcompactioninlayerstoensurethatplantsarefirmlyrootedintheground,supportedbylarge-sizeseedlingsheprimaryanalysisofsoilphysicalandchemicalproperties,suchaspests,disinfection,pestcontrolinadvance.GardenplantgrowthbyrequiredofminimumplantingsoilthicknessshouldmeetXiatable（constructionfigureShangindicateofexcept）vegetationtypeherbflowerlawntowassmallshrubsbigshrubsshallowroottreesdeeproottreessoilthickness30（CM）30（CM）45（CM）60（CM）90（CM）120（CM）plantingsoilshouldselectionforplantgrowthofselectivesoil,ashumicacidsoil,andlawnfertilizer,andpeatsoil,andpH5.5~7.0,humidity30~70%,completelyloose,Lawnplantingsoilroughness（soilsurfaceshouldbelowerthanteethpond2~5cm）.2,plantinggardenoffoundationengineeringprojectsfromplanningtotheconstructionstage,focusonaftercompletionoflandscaping,theoverallgoalistocreateagoodlivingenvironmentforplants,createagardenandgreenspace.Plantengineeringoftheprojectwastocreatethebasisforplantgrowth,soil,itcanbesaidisthegardenproject,isoneofthemostimportantworks.Alsoplantedphaseofthisprojectmustbecarriedoutbythelocalsoilimprovementproject.3,seedlingselectionrequirements:

（1）engineeringseedlingselectionofcookedgoods,provisionsrelatingtoplantsize.Plantprocurementspecificationscanbelarge,soastoachieveecologicaleffectinashorttime.Seedlingsshouldhave...Strong,lush,Crown-shapedfull,normalcolor,rootsystem,pestanddisease-free.

（2）theprojectshouldhavegrowthrobust,lush,Crown-shapedfull,normalcolor,rootsystem,pestanddisease-free.

图1:

美国的资本，1700–2010年

资料及数据源:

piketty.pse.ens.fr/capital21c。

图2:

英国的资本，1700–2010年

资料及数据源:

piketty.pse.ens.fr/capital21c。

Stems,rootcausemechanicaldamage,loopingrootamputationatthewoundtopreventinfection.（3）categorytreeseedlings:

aspindleshouldhaveauniformdistributionofmainbranches,branches,trunkdiameterabove3.0CM;maketreesofbroadleavedtreesbranchheightshouldberelativelyconsistent,with3-5mainbranch,trunkdiameterofnotlessthan4cm,branchpointisnotlessthan2.5M;coniferoustreeswiththespindle,thereareprimary.（4）shrubsclassseedlings:

tuftedtypeshrubsrequirementsirrigationbundlefull,andmaincollateraldistributionuniform,andmainbranchnumbernotlessthan5branch,atleasthas3branchaboveirrigationhighreachedprovidesstandard;creepingtypeshrubsrequirementsatleasthas3branchabovemainbranchreachedprovidesstandardlength;vinehealthseedlings,andshouldpointsbranchuniform,andmainarticlenumber5branchabove,andmainarticlediameter1.0CMabove;goingitalonetypeshrubsrequirementswithtrunk,andpointsbranchuniform,basediameterin2.0CMabove;hedgewithshrubsrequirementsirrigationbundlefull,andpointsbranchuniform,anddrylowerleavesnobare,Morethan2yearsold.Allplantsareshrubsshouldmeetthespecifications.（5）thesolitarytreesshouldbeselectedsingleplantingornamentaltreeisbeautiful,highornamentalvalueofindividualplants.（6）designshouldbeselectedwhenthebushesplantedplantspecifications,floweringshrubssuchasrhododendronplantsshouldselectcoloruniformvarieties,plantingintervalanddensity.4,seedlingplantingprojectplantsshouldbelocatedaccordingtothedrawings,andwithreferencetothenationalstandardandsuitabletoavoidlines,plantingpitsshouldbegreaterthantheminimumthicknessrequirements,plantingsoilbackfillcompactioninlayerstoensurethatplantsarefirmlyrootedintheground,supportedbylarge-sizeseedlingsheprimaryanalysisofsoilphysicalandchemicalproperties,suchaspests,disinfection,pestcontrolinadvance.GardenplantgrowthbyrequiredofminimumplantingsoilthicknessshouldmeetXiatable（constructionfigureShangindicateofexcept）vegetationtypeherbflowerlawntowassmallshrubsbigshrubsshallowroottreesdeeproottreessoilthickness30（CM）30（CM）45（CM）60（CM）90（CM）120（CM）plantingsoilshouldselectionforplantgrowthofselectivesoil,ashumicacidsoil,andlawnfertilizer,andpeatsoil,andpH5.5~7.0,humidity30~70%,completelyloose,Lawnplantingsoilroughness（soilsurfaceshouldbelowerthanteethpond2~5cm）.2,plantinggardenoffoundationengineeringprojectsfromplanningtotheconstructionstage,focusonaftercompletionoflandscaping,theoverallgoalistocreateagoodlivingenvironmentforplants,createagardenandgreenspace.Plantengineeringoftheprojectwastocreatethebasisforplantgrowth,soil,itcanbesaidisthegardenproject,isoneofthemostimportantworks.Alsoplantedphaseofthisprojectmustbecarriedoutbythelocalsoilimprovementproject.3,seedlingselectionrequirements:

（1）engineeringseedlingselectionofcookedgoods,provisionsrelatingtoplantsize.Plantprocurementspecificationscanbelarge,soastoachieveecologicaleffectinashorttime.Seedlingsshouldhave...Strong,lush,Crown-shapedfull,normalcolor,rootsystem,pestanddisease-free.

（2）theprojectshouldhavegrowthrobust,lush,Crown-shapedfull,normalcolor,rootsystem,pestanddisease-free.

图3:

法国的资本，1700–2010年

资料及数据源:

piketty.pse.ens.fr/capital21c。

关键的一点在于，与古老的欧洲相比，北美洲的人均土地面积显然要大得多。

从数量上看，美国的人均资本数量比欧洲更高。

其实，也正是因为土地如此之多，才导致其市场价值非常低，任何人都可以拥有很多土地，因此值不了太高的价钱。

或者说，价格效应比与之作用相反的数量效应更为强烈:

当某种类型的资本的数量超过了某个临界值后，其价格不可避免地跌至极低的水平，致使上述资本的价格与数量之乘积（即资本的总价值）反而低于资本数量较低时的总价值。

新大陆与欧洲在18世纪末到19世纪初的土地价格的巨大差距，从现存的所有关于土地买卖和继承的资料中（例如遗嘱和证明）都可以得到证实。

Stems,rootcausemechanicaldamage,loopingrootamputationatthewoundtopreventinfection.（3）categorytreeseedlings:

aspindleshouldhaveauniformdistributionofmainbranches,branches,trunkdiameterabove3.0CM;maketreesofbroadleavedtreesbranchheightshouldberelativelyconsistent,with3-5mainbranch,trunkdiameterofnotlessthan4cm,branchpointisnotlessthan2.5M;coniferoustreeswiththespindle,thereareprimary.（4）shrubsclassseedlings:

tuftedtypeshrubsrequirementsirrigationbundlefull,andmaincollateraldistributionuniform,andmainbranchnumbernotlessthan5branch,atleasthas3branchaboveirrigationhighreachedprovidesstandard;creepingtypeshrubsrequirementsatleasthas3branchabovemainbranchreachedprovidesstandardlength;vinehealthseedlings,andshouldpointsbranchuniform,andmainarticlenumber5branchabove,andmainarticlediameter1.0CMabove;goingitalonetypeshrubsrequirementswithtrunk,andpointsbranchuniform,basediameterin2.0CMabove;hedgewithshrubsrequirementsirrigationbundlefull,andpointsbranchuniform,anddrylowerleavesnobare,Morethan2yearsold.Allplantsareshrubsshouldmeetthespecifications.（5）thesolitarytreesshouldbeselectedsingleplantingornamentaltreeisbeautiful,highornamentalvalueofindividualplants.（6）designshouldbeselectedwhenthebushesplantedplantspecifications,floweringshrubssuchasrhododendronplantsshouldselectcoloruniformvarieties,plantingintervalanddensity.4,seedlingplantingprojectplantsshouldbelocatedaccordingtothedrawings,andwithreferencetothenationalstandardandsuitabletoavoidlines,plantingpitsshouldbegreaterthantheminimumthicknessrequirements,plantingsoilbackfillcompactioninlayerstoensurethatplantsarefirmlyrootedintheground,supportedbylarge-sizeseedling