thomas piketty capitalism in the 21st century

Introduction ( by Jean-Philippe Delsol and Emmanuel Martin).Trying to encapsulate the evolution of capitalism in one simplistic 'macro' formula is actually a sign of a misunderstanding of how complex 'institutions' shape our societies and economies.' It’s about human creativity, incentives and responses to different legal environments. Of course, simple formula can make good theories. Third, the theory is not without problems. Second, whilst Piketty’s Capital was sold on the pretention of its data, some authors actually challenge its empirical content.

First, following a long line of doomsday sayers, Piketty’s apocalyptic “vision” is that of a pessimist who totally dismisses the reality of the reduction of many types of inequality - from access to consumption or access to education, to longevity, to poverty levels among countries. Anti-Piketty follows three major lines of criticism. 'The book dissects how the one-dimensional explanation given by Piketty of the evolution of capitalism towards a “potentially terrifying” inequality is actually flawed. They come close to charging Piketty with fraud and deception Piketty’s signature tune, the r>g formula, fares no better at the hands of the contributors to this book.' Anonymous reviewer on Institute for Research in Economic and Financial Issues wrote: Murphy in a joint paper analyze to devastating effect Piketty’s statistical evidence for inequality.

Has he shown that inequality is in fact rising? The historian Phillip W. Why is inequality bad? If you lead a good life but others are much better off, why do you have any cause for complaint, just because of the inequality? That is a fundamental question, but unfortunately it is not addressed in Anti-Piketty. But this would open Piketty to a further objection. If capitalism has been so bad for the poor, how can it be that the standard of living for the poor has vastly increased? How might Piketty respond? It is apparent from his book that what concerns him is the gap between rich and poor, more than the quality of life enjoyed by the poor.

One of the most telling of these criticisms is obvious.

'Piketty’s portrayal of capitalism has not gone unchallenged, and Anti-Piketty collects a number of the most important criticisms of it. Reviews: David Gordon on Quarterly Journal of Austrian Economics wrote:

Thomas piketty capitalism in the 21st century