Ironic that mainstream economists are attacking the data of all things, when data never matter in relation with their own musings they call science.
Kerfuffle over Piketty's data in The Financial Times (subscription required).
Addressed in the comments to Cowen's post.
Picketty’s response in full, here:
http://blogs.ft.com/money-supply/2014/05/23/piketty-response-to-ft-data-concernsMarginal Revolution
Michael May 23, 2014 at 2:55 pm
It’s really sad that many not-very-bright people will be fooled by Giles’s misleading and tangential nitpicking, which (as Piketty clearly points out) does not actually change the thrust of Piketty’s thesis.
It’s a sad attempt by a Murdoch-owned rag to undercut a very good thesis that undermines Murdoch’s political view. Note that the FT’s treatment of the R-R scandal was much, much more charitable:
“But the corrections do not affect Mr Rogoff and Ms Reinhart’s most up-to-date work, which still shows a slowdown in growth when debt hits 90 per cent of gross domestic product.” http://www.ft.com/cms/s/0/433778c4-b7e8-11e2-9f1a-00144feabdc0.html#ixzz32ZBOhLyn
I’m sure it will fool a lot of Cowen’s fans, and readers of other Koch-supported blogs, but fortunately the clear trend of growing inequality is making it harder and harder for this kind of distracting propaganda to really make a meaningful impact on the hearts and minds of the majority.
Piketty update
Tyler Cowen | Holbert C. Harris Chair of Economics at George Mason University and serves as chairman and general director of the Mercatus Center
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