Thomas Piketty, the French economist behind 2014's game-changing Capital in the 21st Century, has a new book, Capital and Ideology (out in France now, coming in English in 2020), which uses the same long-run economic series that Capital 21C benefited from to understand the relationship between wealth and ideology. — Read the rest
French economist Thomas Piketty changed the world in 2014 with his magisterial Capital in the Twenty-First Century, a book that reported out an incredibly ambitious project to map out three centuries' worth of capital flows, and from that, to derive an empirical answer about whether markets are a machine for finding smart people and allocating capital to them so that they can invent things that make us all better off ("meritocracy"), or whether they simply make the people who happened to get rich (possibly by inventing something, more often by inheriting wealth or by being a sociopathic looter) even richer (spoiler: rg, which means that markets' long-run function is to increase inequality by allocating ever-larger pools of capital to rich people who don't do much that's socially beneficial with it). — Read the rest
Bloomberg's Ben Steverman offers a long and exciting profile of Gabriel Zucman (previously), a protege of Thomas Piketty (Zucman was one of the researchers on Piketty's blockbuster Capital in the 21st Century) who has gone on to a career at UC Berkeley, where he's done incredibly innovative blockbuster work of his own, particularly on estimating the true scale of the wealth gap in the USA and worldwide.
Last month, Democratic presidential hopeful Elizabeth Warren proposed an annual tax on the largest fortunes in America, with some of the cash generated by the tax being funneled into the IRS to catch dodgers who move or hide their money to escape the tax.
Following recommendations set out in Thomas Piketty's landmark Capital in the 21st Century, would-be Democratic 2020 presidential candidate Elizabeth Warren has proposed a 2% annual tax on household wealth over $50,000,000, with an additional 1% annual tax on household wealth over $1,000,000,000, which would bring in $1.9-$2.75 trillion over the first decade (about 1% of US GDP).
The World Inequality Lab — led by Thomas "Capital in the 21st Century" Piketty — has published its 2018 World Inequality Report, summarizing the research of 100 academics around the world who investigate and document capital flows from 1980 onward.
In a new analysis of the World Income Database published by the National Bureau of Economic Research, Thomas Piketty and colleagues from the Paris School of Economics and UC Berkeley, describe a "collapse" of the share of US national wealth claimed by the bottom 50% of the country — down to 12% from 20% in 1978 — along with an (unsurprising) drop in income for the poorest half of America.
When Thomas Piketty published his 2013 book Capital in the 21st Century, he said that capitalism's primary beneficiaries aren't those who make amazing things that improve the world (as its proponents claim) — rather, it favors those who have a lot of money to begin with.
Crooked Timber's fascinating seminar on Thomas Piketty ran all through December, presenting arguments from economists, social scientists and political theorists from around the world on Piketty's seminal Capital in the 21st Century.
The economist says that the US's post-crisis job creation record and the EU's lagging record demonstrates that austerity cripples recoveries.
Graeber wrote the magisterial Debt: The First 5,000 Years; Piketty, of course, wrote the essential Capital in the 21st Century — in a must-read dialog, they discuss their differences and similarities and offer views on whether capitalism will collapse.
Thomas Frank is scorching on the subject of university tuition hikes and the complicity of the press in blaming everything except for bulging administrations and cuts to state universities for the 30-year spiral of super-inflationary price-hikes from America's post-secondary sector. Where he really nails it, though, is about two thirds of the way through, when he discusses the mental shift that allowed all this to happen: once universities started advertising themselves as paths to individual high-earnings (instead of seats of learning and forces for national prosperity), there was no reason for anyone to want to see them as subsidized, universal, accessible institutions:
Thomas Piketty's Capital in the 21st Century is a bestselling economics tome whose combination of deep, careful presentation of centuries' worth of data, along with an equally careful analysis of where capitalism is headed has ignited a global conversation about inequality, tax, and policy. Cory Doctorow summarizes the conversation without making you read 696 pages (though you should).
Thomas Piketty's much-discussed economics bestseller Capital in the Twenty First Century prophesies a future where inherited wealth dominates the world, because the rate of return on capital outstrips the rate of growth in the economy, meaning the money your ancestors earned will always outstrip what you could earn. — Read the rest
I've been writing about Thomas Piketty's magisterial economics bestseller Capital in the Twenty First Century for some time now (previously), and have been taking a close interest in criticisms of his work, especially the Financial Times's critique of his methods and his long, detailed response. — Read the rest