Comment Piketty is wrong. (Score 0) 839
I'm not only saying this...a survey of top economists are saying this.
http://www.igmchicago.org/igm-...
– “Theoretically and empirically the case that r-g is a major determinant of inequality or even top inequality is weak.”
– “Many other factors affect inequality including technological change, globalization, increasing returns to education, and others.”
– “Don’t find r-g a particularly useful summary of anything (doesn’t really capture role of technology, training, tax policy)”
– “A glance at the biographies of the truly rich shows most came from upper middle class families. Good luck and some skill produced the wealth.”
– “Argument has poor theory & negligible empirics.”
– “Is this an inside joke? BEA estimates show little change in rate of return.”