Lawrence Summers, in what is generally a very favorable review of Thomas Piketty’s Capital in the Twenty-First Century, pushes back on some of Piketty’s arguments in favor of the conclusion that capitalism shows an inherent tendency toward increased inequality. The review raises a number of important questions, many of which deserve careful future attention. But in this post, I just want to touch on two areas where I think Summers has misconstrued Piketty’s argument in some important ways that lead Summers to underestimate the argument’s overall strength.Rugged Egalitarianism
Summers’s Review of Piketty: Underestimating the Argument for the Forces Driving Inequality
Dan Kervick
2 comments:
"For example, the New York Times reports that hedge fund clients are “disappointed” over these funds’ 9.1% average return rate, part of a five-year “slump” as far as hedge funds go."
this is just a result of ZIRP over this same 5 year period... and why we are starting to see increased amounts of propaganda advocating for higher rates.... these people will throw the monetarists under the bus in 2 seconds if they think it is in their better financial interests to do so... rsp,
I have fixed a misstatement in the review.
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