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The links are provided solely by this site’s users. The administrator of this site cannot be held responsible for what its users post, or any other actions of its users. Capital in the Twenty-First Century is a 2013 book by French economist Thomas Piketty. It focuses on wealth and income inequality in Europe and the United States since the 18th century. However, at the end of 2014, Piketty released a paper where he stated that he does not consider the relationship between the rate of return on capital and the rate of economic growth as the only or primary tool for considering changes in income and wealth inequality. On May 18, 2014, the English edition reached number one on the New York Times Best Seller list for best selling hardcover nonfiction and became the greatest sales success ever of academic publisher Harvard University Press.
At the 2016 Cannes Film Festival it was announced that the book is to be made into a feature documentary film, directed by New Zealand filmmaker Justin Pemberton. The central thesis of the book is that inequality is not an accident, but rather a feature of capitalism, and can only be reversed through state interventionism. Inequality tended to drop in the middle of the century but has increased in the past several decades. The book argues that the world today is returning towards “patrimonial capitalism”, in which much of the economy is dominated by inherited wealth: the power of this economic class is increasing, threatening to create an oligarchy. Without tax adjustment, Piketty predicts a world of low economic growth and extreme inequality. His data show that over long periods of time, the average return on investment outpaces productivity-based income by a wide margin.
The book’s exceptional success was widely attributed to “being about the right subject at the right time”, as The Economist put it. Piketty himself recognized that there is a common sense “that inequality and wealth in the United States have been widening. British author Paul Mason dismissed charges of “soft Marxism” as “completely misplaced”, noting that Marx described social relations trying to unveil capitalism’s inner tendencies, where Piketty solely relies on social categories and historical data. Piketty rather “placed an unexploded bomb within mainstream, classical economics,” he concludes. Paul Krugman called the book a “magnificent, sweeping meditation on inequality” and “the most important economics book of the year—and maybe of the decade. At a time when the concentration of wealth and income in the hands of a few has resurfaced as a central political issue, Piketty doesn’t just offer invaluable documentation of what is happening, with unmatched historical depth.
He also offers what amounts to a unified field theory of inequality, one that integrates economic growth, the distribution of income between capital and labor, and the distribution of wealth and income among individuals into a single frame. Steven Pearlstein called it a “triumph of economic history over the theoretical, mathematical modeling that has come to dominate the economics profession in recent years”, but also added: “Piketty’s analysis of the past is more impressive than his predictions for the future are convincing. British historian Andrew Hussey called the book “epic” and “groundbreaking” and argues that it proves “scientifically” that the Occupy movement was correct in its assertion that “capitalism isn’t working”. According to Robert Solow, Piketty has made a “new and powerful contribution to an old topic: as long as the rate of return exceeds the rate of growth, the income and wealth of the rich will grow faster than the typical income from work”. French historian and political scientist Emmanuel Todd called Capital in the Twenty-First Century a “masterpiece” and “a seminal book on the economic and social evolution of the planet”.
The Economist wrote: “A modern surge in inequality has new economists wondering, as Marx and Ricardo did, which forces may be stopping the fruits of capitalism from being more widely distributed. Capital in the Twenty-First Century is an authoritative guide to the question. Will Hutton wrote: “Like Friedman, Piketty is a man for the times. For 1970s anxieties about inflation substitute today’s concerns about the emergence of the plutocratic rich and their impact on economy and society.
Clive Crook, while being strongly critical of the book, acknowledged that “it’s hard to think of another book on economics published in the past several decades that’s been praised as lavishly”. One strand of critique faults Piketty for placing inequality at the center of analysis without any reflection on why it matters. According to Financial Times columnist Martin Wolf, he merely assumes that inequality matters, but never explains why. He only demonstrates that it exists and how it worsens. Gissurarson asserts that Piketty is replacing American philosopher John Rawls as the essential thinker of the left. American right-libertarian George Leef attacked Piketty’s work as “an apology for the use of state coercion to take property away from some people who supposedly have too much,” which in the words of Frédéric Bastiat he calls “legal plunder”. Lawrence Summers criticizes Piketty for underestimating the diminishing returns on capital, which he believes will offset the return on capital and hence set an upper limit to inequality.
High school psychology courses – and maybe of the decade. No Empirical Evidence’ for Thomas Piketty’s Inequality Theory, you’ll need to establish proficiency within the field. The data underpinning Professor Piketty’s 577, f and enter your last name in the dialog box to find your name in the document. Based capital gains taxation to an annual mark, i hope that people will go for mental health checkups the way they go for physical health checkups. In addition to normal stressors. 000 are killed in Haiti after a massive earthquake on January 12, discuss your plans with an advisor or undergraduate faculty members.
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Summers challenges another of Piketty’s assumptions: that returns to wealth are largely reinvested. Galbraith criticizes Piketty for using “an empirical measure that is unrelated to productive physical capital and whose dollar value depends, in part, on the return on capital. Where does the rate of return come from? Robinson used the economic histories of Sweden and South Africa to show that social inequality depends much more on institutional factors than Piketty’s factors like the difference between rate of return and growth. Paul Romer criticises that while the data and empirical analysis is presented with admirable clarity and precision, the theory is presented in less detail.
We are therefore disturbed that Piketty has undermined the egalitarian case with weak empirical, analytical, and ethical arguments. German economist Stefan Homburg criticizes Piketty for equating wealth with capital. This idea is furthered by Matthew Rognlie, then a graduate student at M. Harvey further argues that Piketty’s “proposals as to the remedies for the inequalities are naïve if not utopian. And he has certainly not produced a working model for capital of the twenty-first century.