Piketty and income inequality revisited

Early 2013 saw the publishing phenomenon that was Thomas Piketty’s book on capital and income inequality, and for awhile it dominated discussions in the field, not least because it was sold as a definitive demonstration of the inherent immorality of capitalism. It wasn’t put quite that bluntly, of course, but it boiled down to it.

There were dissenters from Piketty’s conclusions, claims he had fudged numbers, and observations that factors in income rates are more numerous than the market system by itself.

The initial flurry of excitement died down before long, likely because of the complexity of the evidence and the technicality of the material. So it was with some interest that I noticed a new set of critiques (h/t Powerline Blog). It’s a useful analysis, not least because it occurs in a time of sober discussion rather than the mania of its initial publication.

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