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Piketty Hits Back
I want to move on with my life, but I’m apparently one of the few people who actually read Chris Giles’ FT critique of Piketty, and so I can explain just how ludicrous his counterattack in Bloomberg is. My conclusion: There are many oddities in Piketty’s work. We know for a fact that he has […]
Read morePiketty vs. Giles
Here is my initial reaction to the affair. Let me emphasize my main position: I am not an expert on the various estimates of wealth concentration. So I don’t know how to referee on the specific allegations. However, let us not forget that Piketty clearly put in bogus information on both the minimum wage and […]
Read moreYikes! Piketty Accused of Literally Making Up Wealth Inequality Data
OK, so I personally busted Piketty just making stuff up about tax rates, and in a way that served his narrative. Economist Diana Furchtgott-Roth at the Manhattan Institute caught him just making stuff up about the minimum wage, and in a way that served his narrative. Now Chris Giles of FT comes out with an […]
Read moreMore Links on Capital Debates, Piketty, etc.
==> Nick Rowe back in 2012 had a funny (for an economist) post on the Cambridge Capital Controversy. ==> A guy running the blog “Naked Keynesianism” (and whose avator is a picture of Keynes) teams up with another blogger calling himself “Lord Keynes” to explain why the Austrians are clueless about capital. *shudders* (Remember, the […]
Read moreShocking Quotes from Piketty
You know how some of you have been saying, “What the heck Murphy, why do you keep talking about this Piketty book? So what if it was #1 on Amazon, and all the progressives are giddy about it? He just wants to raise tax rates right?” Uh, no. Check out my latest Mises Canada post. […]
Read moreLarry Summers Unwittingly Blows Up Piketty’s Whole Book
…but he still thinks Piketty should get a Nobel Prize. The gory details are at Mises Canada. An excerpt: Piketty wants to scare his readers into believing that the percentage of income each period going to the capitalists will increase over time, meaning that “the workers” will earn a lower portion of total output in, […]
Read morePiketty Can’t Even Get His Basic Tax History Right
The more I read of Thomas Piketty’s Capital in the Twenty-First Century, the worse it gets. Try this excerpt: [T]he Great Depression of the 1930s struck the United States with extreme force, and many people blamed the economic and financial elites for having enriched themselves while leading the country to ruin. (Bear in mind that […]
Read moreShowing Problem With Piketty Using Neoclassical Models
I am an Austrian economist. My understanding of capital & interest comes (originally) from Mises, but then it was refined in grad school when I studied Bohm-Bawerk, Fetter, and Fisher. In case I haven’t been clear: One doesn’t need to be an Austrian to understand what’s wrong with Piketty’s conceptual remarks about capital & interest […]
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