![]() To give just one example of Piketty’s esoteric economic ideas, consider his views on capital: With his now famous formula, r > g (the rate of return on capital is greater than the rate of economic growth), he treats capital as a monolith endowed with mysterious powers to “reproduce” (p. Second, his book is littered with flaws and fallacies, catalogued in my short book, Problems with Piketty. ![]() ![]() (Piketty publicly retracted them last year, supplying new data sets that also have been debunked). First, the mounds of data in Capital were thoroughly debunked by multiple American economists. ![]() Piketty’s “proof,” though, is full of holes. They believe that Capital proves that there is a maldistribution of wealth that government must correct. In his book, Piketty decries the unequal distribution of wealth that exists both within and between the world’s countries, and he calls for national governments to work together to reduce this inequality via increased taxation of income and accumulated wealth.Īs attested by the gaudy sales figures, Piketty’s book struck a responsive chord among egalitarians, progressives, social justice advocates, etc. French economist Thomas Piketty’s book Capital in the Twenty-First Century reportedly has sold more than 1.5 million copies in its combined French and English translations. ![]()
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