Here&#x27;s a recent paper that did take on that issue:<p><a href="http:&#x2F;&#x2F;www.mit.edu&#x2F;~mrognlie&#x2F;piketty_diminishing_returns.pdf" rel="nofollow">http:&#x2F;&#x2F;www.mit.edu&#x2F;~mrognlie&#x2F;piketty_diminishing_returns.pdf</a><p>&gt; Recent trends in both capital wealth and income are driven almost entirely by housing, with underlying mechanisms quite different from those emphasized in <i>Capital</i>.<p>If the paper reads too academic, here&#x27;s an accessible write-up:<p><a href="https:&#x2F;&#x2F;medium.com&#x2F;the-ferenstein-wire&#x2F;a-26-year-old-mit-graduate-is-turning-heads-over-his-theory-that-income-inequality-is-actually-2a3b423e0c" rel="nofollow">https:&#x2F;&#x2F;medium.com&#x2F;the-ferenstein-wire&#x2F;a-26-year-old-mit-gra...</a>