Sunday, April 27, 2014

Piketty’s new gilded age which isn’t « Hot Air

Piketty’s new gilded age which isn’t « Hot Air: "Progressive hearts are all aflutter this week, riding high on the continued coverage of Thomas Piketty and his new book “Capital in the Twenty-First Century” which continues to fly off the virtual shelves at Amazon. To say that Piketty’s basic premise is flawed is probably too much of a compliment. Ed already looked at one of the fundamental assertions last week – that median household income had only risen 3.2% over the past three decades – and found it to be off by a factor of ten.

But there are other, deeper problems with the Piketty model. One of them is the idea that capitalism itself is flawed at its foundation, leading to some new gilded age where a handful of families always gather in and hoard the wealth for generations, leaving others to starve in the cold. Unfortunately, even people like David Brooks have bought into the concept without examining it fully."

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