Yes, Thomas Piketty Was Wrong On Wealth
It’s been obvious for some time now that Thomas Piketty may well have had a best seller but also that his actual analysis was wrong. His point being that there was some ever rising concentration of wealth in the economy and that this was a very bad thing. The problem with this thesis is that when people go looking for this concentration they just cannot find it. We thus rather end up having to say that there isn’t some concentration of wealth going on so whether it’s a good or a bad thing doesn’t really apply.
On this very subject there’s an interesting Brookings paper just out. Which looks at the composition of capital in the US and it simply cannot find that concentration that Piketty claims is there. Here’s the abstract:
Mais
