Interestingly, though he dismisses the common argument that higher inequality is all about the return to skills – ”There can now be no doubt that the phenomenon of inequality is not dominantly about the inadequacy of the skills of lagging workers” – Larry’s considerably more willing than I to cite pay-for-performance rather than rents among those that Piketty labels the “supermanagers.” Summers arguments mirror those made by Mankiw the other night, so maybe it’s a Harvard thing.
Mankiw on Summers on Piketty: "One of the best reviews of the book I have seen."
On the Economy
Summers Reviews Piketty
Jared Bernstein
1 comment:
Yep. It's a Harvard thing.
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