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NFT: Capital in the 21st Century...

Dan in the Springs : 9/23/2014 2:36 pm
Economics is always an interesting subject for me, and recently I have been considering the long-term effects of living in a capitalist society. I thought that while I found this interesting, I was likely among the few that would enjoy pondering on these topics.

Apparently I was wrong.

I should have known that, based on the number of excellent threads that pop-up on BBI over the years. I have enjoyed the insights of so many who are much more knowledgeable than I, and have seen that I'm not alone whenever I express appreciation to those who contribute on those threads. I still never thought it would become so popular as to rise to the top of the best-seller list.

Enter Thomas Piketty's latest book. After reading this article I thought I'd pick people's brains here to see who has read it and what they thought of it to see if it should be on my own reading list.

What do you think, BBI?
From the Guardian - ( New Window )
Fascinating...yes, but not quite fascinating enough to bring  
Marty in Albany : 9/23/2014 3:08 pm : link
up on a first date, if you are hoping for a second date.
It's a story of one possible set of outcomes  
kickerpa16 : 9/23/2014 3:08 pm : link
that we could see, among many, based on the features we see in society.

It's a good look at historical developments that Piketty has been working on for 20+ years, and tends to follow a lot of conclusions that others have drawn separately.

There are quite legitimate criticisms (as much as I think he's become a hack, Mankiw has some good ones), but a lot of the criticisms you will read are shallow and have limited substance.

The policy section is much more Euro-centric, but it accords with historical, political, and societal developments over there (he translates it to the U.S. because without uniform policies, there is the risk of causing people to flee from one country to another in the search of higher returns).

I rate it as one of the better books this year, but I've read a ton of Piketty already.
Yeah the policy prescriptions are pretty useless...  
Dunedin81 : 9/23/2014 3:15 pm : link
and the data may extrapolate a little too much, but its central theme/insight is difficult to rebut and it is too easy to treat it dismissively because what he wants to see happen is politically impossible and probably not desirable. Income inequality, the notion of a perpetual class of haves and a corresponding class of multigenerational have-nots is a reality that we will have to grapple with in the coming decades.
There's a lot about it that's interesting  
Jerry K : 9/25/2014 7:32 pm : link
but I didn't find it very groundbreaking or that enlightening. Inequality has been on the rise for several decades. It doesn't take much study to know that. Picketty's data goes back much further though and is more international in scope. Problem is the methodology has varied over time. Though, that doesn't mean it's not possible to compare.

I think what may be most valuable is the data sets that he has helped establish and make more accessible, including the world top incomes database. And, also, it a critique of inequality from a renown economist, whose field is notorious for defending inequality.
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