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I am not sure whether I would draw exactly the same conclusion about the validity of Picketty’s. However, this article summarises an important analysis of what big corporations, in particular, do with the surplus created by workers (after their wages have been paid). If one looks at what is happening with corporate investment in Australia you have to wonder what the research would show up here. My hunch is, much the same. Does anyone know of this sort of analysis being done for Australian corporations?
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