The result is an economic inequality double-whammy in which two of the most pro-rich elements of the tax code are further
If you find it hard to grasp just how unequal the global economy is, here's one stat that should put it all in perspective
According to the Herald, Piketty said he viewed Argentina as “full of tension over the question of distribution.” The famed
In fact, the FT editor who criticized the French economist's blockbuster, 700-page tome on inequality is sticking by his
“The problem with all the publicity is you have people who write about the book who apparently have not opened it,” Piketty
Piketty's concerns are relevant to the growing inequality in China that has resulted from adopting the neo-liberal capitalist model from the West. Hence, Piketty's reflection on mainstream Western economics indirectly treads a delicate ground in China. It fits right into the current raging debate over which path China's reformers should take in the next stage of "structural reform."
According to the prevailing story, debt is caused by lavish and irresponsible spending by poor and middle-class families. But like much "conventional wisdom," an increasing amount of evidence belies this point.
For the rest of the world, much of which has experienced the truly heinous inequalities associated with the colonialism that so enriched the West, the discussion is old hat. Many countries are only recently recovering from the effects of plundering, destruction of social and cultural institutions and resource extraction. Ironically, the realm of finance now labels these nations as "emerging markets." And yet Piketty's analysis is framed exclusively by western historical experience and thus unfortunately ignores the context in which western wealth creation occurred, despite the fact that many seek to perpetuate and emulate it today.
Addressing inequality shouldn't be about penalizing the rich. It shouldn't be about reviving discredited socialist economic ideas from the 1970s in 21st century European think tanks. It should be about fixing the policies and practices that cause inequality.
Today, instead, we have a wealthy class with the culture of new money and innovativeness of old money (i.e., rather little of either). This new rentier class, with little to offer society, subsists largely on legalized grift or, in economic terms, rent.
The intellectual terrain that the Catholic Church now navigates is far different from now than it was even a few short years ago. Thomas Piketty's "Capital in the 21st Century" is on the top of Amazon's best-seller lists, and Francis is on his way to becoming one of the most popular popes in history.
When the right drops the C-bomb, the M-bomb and S-bomb all at once, you can be certain a book is having an impact. And "Capital" may well be the "General Theory" of the first half of the 21st century, redefining the way we think about capitalism, democracy and equality.
This is reminiscent of the "debate" over climate change: While partisans might still haggle over its importance and/or existence
A recent analysis alleging that Thomas Piketty's groundbreaking data on inequality contains errors is "just ridiculous," according to the French economist.
In an email to Bloomberg News, Piketty dismissed a report published Friday in the Financial Times alleging that his book
The alleged errors don't seem to be as damning to the entire premise of Piketty's book as were the spreadsheet errors of
Scott Winship is one of a number of analysts who criticize Thomas Piketty's work for focusing largely on market incomes, thus leaving out the impact of taxes and transfer payments. Include those sources, these critics assert, and trends appear considerably more favorable than Piketty's data show.
While it is true that the long-term dynamics of unequal wealth distribution are indeed unsustainable and unconscionable, a reality much less obvious is buried in the data
Why are we seeing a surge of momentum for higher minimum wages, a living wage and limits to executive compensation?
Long tech and short toil will fuel growth tomorrow, but whether we are able to stomach the journey today is far more unclear. The impact of the unfolding clash between technology and toil will be bruising in the shorter term. Its resolution will be critical to the future of economic growth.