Sunday, May 11, 2014

Six flaws in Piketty's Capital in the 21st Century

Six Ways Thomas Piketty's 'Capital' Isn't Holding Up to Scrutiny - Kyle Smith, Forbes:

May 1, 2014 - "Dubbed the 'rock-star economist,' France's Thomas Piketty has topped the  bestseller list with the surprise blockbuster book Capital in the Twenty-First Century, which argues that because the return on capital must be greater than overall growth, the rich are destined to hog an ever-increasing proportion of the economic pie.

"Piketty's research, his eloquence (he quotes Jane Austen and Honore de Balzac) and his call for wealth taxes plus a confiscatory marginal income tax rate (80 percent) have Keynesian liberal economists swooning. Their leader, Paul Krugman, boasts that 'the right seems unable to mount any kind of substantive counterattack to Mr. Piketty’s thesis. Instead, the response has been all about name-calling.'

"Krugman is misinformed. Piketty's book is being shredded. Here’s a brief rundown of some of the flaws in Capital in the Twenty-First Century” that have already been exposed."

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