Pinketty is French and his research was based on French data. That is like being a deaf linguist. His book "Capital in the Twenty-First Century" Pinketty " uses a largely European—to be more precise, largely French—history to ground proclamations about the universal dynamics of capitalism." Ridiculous. http://www.thenation.com/article/thomas-piketty-and-millennial-marxists-scourge-inequality/ Well...I've read Marx. We've tried socialism. Pinketty is just a rehash. Compared to the failures of socialism income inequality is nothing. There will never be complete fairness in economics or in politics. Life is a struggle. Fight your end and may the best man win...or not. Float like a butterfly sting like a bee.
Sadly, you don't know what you are talking about (or posting about in this case.). You obviously haven't read Thomas Shenk's beautifully balanced critique in "The Nation" that you gave the link for, and you absolutely have not read Piketty. In order to prevent being branded an ignoramus, may I suggest you remain mum until you have read them both with brain turned on..
Actually it's very hard to read both 'with brain turned on'. I find myself falling asleep as they blather on and on and on...unable or unwilling to make a point. Puts me to sleep...kind of like this thread. It reminds me of Lincoln's Gettysburg address " The world will little note nor long remember what we say here" i.e. Nobody gives a F**k. Why don't you people go out and DO something and give it a rest. Walk the dog for Christ's sake. BTW: 'French Economist' = a contradiction in terms.
You bud into a thread you say is boring and your comment has no substance; the bottom line of you criticism is that Piketty is French. That is a pointedly bigoted and profanely stupid point to offer in discussion. You may know that William B. Say was French, Bastiat was French, John Locke was French, Turgot was French, what is you studied and critical opinion of their thought? Your comment invited adhominum response and you got it. I am not defending Piezoe, his adhominum response is not justified either. This is why I go away from these threads for so long.
"the bottom line of you criticism is that Piketty is French" Not true. My bottom line is that Pikitty uses the microcosm of French history and French economy to generalize about the world economy. Ever hear of China...how about Russia. I would make the same criticism if Piketty were Yugoslavian and projecting Yugoslavian history and economics into world wide issues. The projection, if any, should go in the opposite direction. Of course one's history always does color one's point of view. Ever been to France? Ever done business there instead of reading about it from long dead and irrelevant authors? I did business in Paris for a number of years. The best time of my life. But French Economists? Please. As for going away from these threads..it's probably a good thing. Too much democracy here.
The economy is doing exactly what it's supposed to do when interest rates are held below the natural rate for such a prolonged period of time. Speculate and consume. That's where all the money is going because that's where the incentive is. Money needs a reason to be invested in capital assets that will produce future income. There would have to be a rate of interest, including a risk premium, that induces money to seek investment, before we'll ever see large scale capital investment again. And the powers that be have made it known that that isn't likely to happen 'in our lifetime'.
'My bottom line is that Pikitty uses the microcosm of French history and French economy to generalize about the world economy." But he doesn't. If you had read Piketty yuo'd know that!
Is there anything in my response that you can point to that was not entirely factual. Perhaps the suggestion that my correspondent was an imbecile. But as evidence I offer his post. What is better evidence than that???