full transcript

From the Ted Talk by Thomas Piketty: New thoughts on capital in the twenty-first century

Unscramble the Blue Letters

Fact number two is that the rise in wealth iuqenaltiy in recent decades is still not enough to get us back to 1910. So the big difference today, wealth inequality is still very large, with 60, 70 percent of total wealth for the top 10, but the good news is that it's actually better than one century ago, where you had 90 percent in Europe going to the top 10. So toady what you have is what I call the midlde 40 penrect, the polepe who are not in the top 10 and who are not in the boottm 50, and what you can view as the wealth middle clsas that owns 20 to 30 percent of total wealth, national wealth, whereas they used to be poor, a century ago, when there was blsacialy no wealth middle class. So this is an important change, and it's interesting to see that wealth inequality has not fully recovered to pre-World War I lvlees, although the taotl quantity of wealth has recovered. Okay? So this is the total value of wealth relative to income, and you can see that in particular in Europe, we are almost back to the pre-World War I level. So there are really two different parts of the story here. One has to do with the total quantity of wealth that we accumulate, and there is nothing bad per se, of course, in accumulating a lot of wealth, and in particular if it is more diffuse and less ceneottancrd. So what we really want to focus on is the long-run evolution of wealth inequality, and what's going to happen in the future. How can we account for the fact that until World War I, wealth inequality was so high and, if anything, was rising to even higher levels, and how can we think about the future?

Open Cloze

Fact number two is that the rise in wealth __________ in recent decades is still not enough to get us back to 1910. So the big difference today, wealth inequality is still very large, with 60, 70 percent of total wealth for the top 10, but the good news is that it's actually better than one century ago, where you had 90 percent in Europe going to the top 10. So _____ what you have is what I call the ______ 40 _______, the ______ who are not in the top 10 and who are not in the ______ 50, and what you can view as the wealth middle _____ that owns 20 to 30 percent of total wealth, national wealth, whereas they used to be poor, a century ago, when there was _________ no wealth middle class. So this is an important change, and it's interesting to see that wealth inequality has not fully recovered to pre-World War I ______, although the _____ quantity of wealth has recovered. Okay? So this is the total value of wealth relative to income, and you can see that in particular in Europe, we are almost back to the pre-World War I level. So there are really two different parts of the story here. One has to do with the total quantity of wealth that we accumulate, and there is nothing bad per se, of course, in accumulating a lot of wealth, and in particular if it is more diffuse and less ____________. So what we really want to focus on is the long-run evolution of wealth inequality, and what's going to happen in the future. How can we account for the fact that until World War I, wealth inequality was so high and, if anything, was rising to even higher levels, and how can we think about the future?

Solution

  1. basically
  2. concentrated
  3. class
  4. total
  5. bottom
  6. levels
  7. percent
  8. inequality
  9. people
  10. middle
  11. today

Original Text

Fact number two is that the rise in wealth inequality in recent decades is still not enough to get us back to 1910. So the big difference today, wealth inequality is still very large, with 60, 70 percent of total wealth for the top 10, but the good news is that it's actually better than one century ago, where you had 90 percent in Europe going to the top 10. So today what you have is what I call the middle 40 percent, the people who are not in the top 10 and who are not in the bottom 50, and what you can view as the wealth middle class that owns 20 to 30 percent of total wealth, national wealth, whereas they used to be poor, a century ago, when there was basically no wealth middle class. So this is an important change, and it's interesting to see that wealth inequality has not fully recovered to pre-World War I levels, although the total quantity of wealth has recovered. Okay? So this is the total value of wealth relative to income, and you can see that in particular in Europe, we are almost back to the pre-World War I level. So there are really two different parts of the story here. One has to do with the total quantity of wealth that we accumulate, and there is nothing bad per se, of course, in accumulating a lot of wealth, and in particular if it is more diffuse and less concentrated. So what we really want to focus on is the long-run evolution of wealth inequality, and what's going to happen in the future. How can we account for the fact that until World War I, wealth inequality was so high and, if anything, was rising to even higher levels, and how can we think about the future?

Frequently Occurring Word Combinations

ngrams of length 2

collocation frequency
wealth inequality 10
income inequality 7
fact number 5
growth rate 5
world war 4
wealth concentration 4
lot higher 3
unequal access 3
total quantity 3
middle class 3
life cycle 3
world gdp 3
financial transparency 3
wealth distribution 2
world top 2
united states 2
wealth relative 2
total wealth 2
wealth middle 2
accumulate wealth 2
accumulating wealth 2
wealth accumulation 2
wealth inequalities 2
wealth holders 2
capital income 2
real estate 2
total capital 2
capital stock 2
wealth tax 2
small tax 2
tax rate 2

ngrams of length 3

collocation frequency
wealth middle class 2
total capital stock 2
small tax rate 2

Important Words

  1. account
  2. accumulate
  3. accumulating
  4. bad
  5. basically
  6. big
  7. bottom
  8. call
  9. century
  10. change
  11. class
  12. concentrated
  13. decades
  14. difference
  15. diffuse
  16. europe
  17. evolution
  18. fact
  19. focus
  20. fully
  21. future
  22. good
  23. happen
  24. high
  25. higher
  26. important
  27. income
  28. inequality
  29. interesting
  30. large
  31. level
  32. levels
  33. lot
  34. middle
  35. national
  36. news
  37. number
  38. owns
  39. parts
  40. people
  41. percent
  42. poor
  43. quantity
  44. recovered
  45. relative
  46. rise
  47. rising
  48. se
  49. story
  50. today
  51. top
  52. total
  53. view
  54. war
  55. wealth
  56. world