壹 市场机制调节不平等

      纳西姆·塔勒布在《非对称风险》一书中谈到了不平等现象。他认为不平等可以视作一种尾部的不协调现象，富人位于财富分布的尾部。赢者通吃效应越强，财富就越不平均。他提议引入一种机制，使得最强大的、最富有的人有可能因其承担的风险过大而垮塌。塔勒布强调发挥市场的力量来应对不平等。但是，如果富人不愿意承担过大的风险呢？

      贰 不平等来自哪里？

     法国经济学家皮凯蒂强调运用政府的力量应对不平等。在《21世纪资本论》中，他指出由于资本的回报率（r）大于经济的增长率(g)，导致现代社会不平等现象的加剧。现代工业革命并没有真正改变r和g的关系。在十九世纪，经济增长率从0%增加到了1%至2%。股票市场的投资回报率也从5%增长到了6%到7%，而资本的长期回报率以工业投资的新形式甚至达到了7%。在二十世纪，只有第一次世界大战、第二次世界大战这种非常特殊的事件会导致经济在战后迅速增长。在欧洲和日本，增长率在五十年代、六十年代和七十年代都是6%，这就算是一个奇迹了。历史来看，大多数国家不可能永远保持5%的增长率。从长远角度来说，一个国家处于世界科技前沿的时候，生产率的增长率可能在1%到2%。这比投资回报率要低很多。

     叁 如何调控？

     这并不是说不平等的程度会变得无限大，而是意味着不平等会保持相当一段时间。所以如果r是5%而g是1%，这就意味着拥有大量财富的人只需要用他们资本收入的五分之一去投资，他们就可以继续享用他们的财富，假如没有税的话。在标准的经济模型里，r总是比g大。在发明与革新飞速增长的同时，不平等也是巨大的，比如第一次工业革命时期和当前。资本家和市场的力量非常强大，需要强大的公共机构去调控和整改这些力量。

    肆 股市投资也会产生不平等

    在股市里我们运用贴现现金流公式计算一家上市公司的内在价值时，就是假设风险投资回报率（r）高于企业的长期经济增长率，长期看，公司的增长率其实就是经济增长率（g）。因此，从这个意义上说，在股市投资其实就是享受高于经济增速的资本回报率。如何调控这里面的不平等？美国有资本利得税，我国还没有征收。随着国家调控不平等政策的加强，资本利得税和其他各种税都会逐渐推出。

     伍 市场综述

     周二A股上涨。央行超量续做逆回购500亿人民币，当日到期300亿，给市场提供信心。美股标普500和纳斯达克续创新高，美国10年期国债收益率上涨到1.325%，接近本月初的高点。

I. To solve inequality with market mechanism

Nassim Nicholas Taleb wrote in his book “Hidden asymmetries in daily life” that imparity exists due to the mechanism of winner-take- all. He pointed out that the rich people are at the fat tails of the normal distribution of fortunes. To avoid inequality in a society the government should introduce an arrangement that would push those rick people to shoulder higher risk. The higher risk the rich people shoulder,the higher probability that they would fail and lose their fortune. 

II.The roots of inequality

Contrary to Nassim’s idea of allowing market to adjust fortune distribution, Thomas Piketty wrote in his popular book “Capital in the 21st century” that government should bring up with measures to adjust fortune distribution including taxes,duties and etc. He based his arguments on that the capital return rate (r) is higher than economic growth rate (g) in the long term. This is the root that inequality widened in modern society. 

III.Government should play its role in dealing with inequality 

In the 19th century economic growth rate increased from 0 to 1 or 2%. Yet stock investment return rate increased to 6-7% from 5%. The long-term capital return rate in new technology could be as high as 7%.Economic growth rate was temporarily at a higher rate than capital return rate after the World War I and World War II due to the fast recovery and reconstruction of economy. The inequality widens with innovation becoming faster. The economic growth rate in the long term for those countries at the frontier of technology innovation is 1-2%. Yet capital return can be maintained at 5%. As long as capitalists take 1% of their capital to invest, they can maintain their fortune very easily if without taxes. Capital and market mechanism are very strong. Hence, it is necessary for government to bring up with measures to deal with the issue of inequality. Piketty’s suggestions seem to apply to China’s situation well. More measures on this issue are to be released.

IV. A summary of global stock markets 

A-share rallied as the People's Bank of China injected liquidity into the market by renewing more reverse-repo in a larger amount than those due on Tuesday. The US 10-year treasury yield rose to 1.352%. Both SP500 and Nasdaq Index reached record high. 

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