My analysis thus far has shown that two factors probably did play an important part, independent of changes in the tax system, and will continue to do so in the future. The first is the probable slight decrease in capital’s share of income and in the rate of return on capital over the long run, and the second is that the rate of growth, despite a likely slowing in the twenty-first century, will be greater than the extremely low rate observed throughout most of human history up to the eighteenth century.
