For a dissenting opinion, one of the major points in Picketty's nobel-winning dataset is that market returns are, over the long term, pretty fixed. Short term fluctuations aside, they're not really impacted by GDP growth
It's an empirical measurment rather than a theoretical point.
I don't know if he's right. But, I do think that it's dicey taking conclusions like "corporate tax is a tax on pensions" as fact. Economics is not science. Economic theories that yield these conclusions are not testable. The reason macroeconomics exists as a field is that core theories which seem to work well at the micro level don't seem to make the right predictions at the macro-level.
It's an empirical measurment rather than a theoretical point.
I don't know if he's right. But, I do think that it's dicey taking conclusions like "corporate tax is a tax on pensions" as fact. Economics is not science. Economic theories that yield these conclusions are not testable. The reason macroeconomics exists as a field is that core theories which seem to work well at the micro level don't seem to make the right predictions at the macro-level.