Branko Milanovic has commented in some detail on a recent post of mine, about Piketty's Capital in the Twenty First Century. My initial urge was not to reply. But I see that Branko's post is getting a fair amount of attention on the net, with a wealth of approving accompanying comments about theorists who know nothing of that grand place, the Real World.
So here is an attempt to point out why Branko's post is problematic. Not that it will help much with the general public who are (to some extent understandably) distrustful of academic arguments. And we all know it never ends: the title of this post puts me in mind of the little old lady who snapped, "Young man, it's turtles all the way down!"
Preamble.
At various points Branko claims that I bring to bear a ahistorical, abstract set of arguments on what is a vibrant historical process. In doing so I'm apparently missing all the nuanced depth of Piketty's Laws. It is hard to convey just how strongly I disagree with this position, and I am not going to try. Suffice it to say that there is no substitute for one indispensable tool of debate, and that is logic. So let me take Branko's points, one by one, and attempt to address them logically.
NB. I personally like Branko, and I like his work too. So if what follows sounds hard-hitting, it is all in good spirit. With that Branko, pick up your chhota peg: cheers!
Chhota Pegs
Ray on Milanovic on Ray on Piketty
Debraj Ray| Professor of Economics at New York University, and a Research Affiliate of the Instituto de Análisis Económico in Barcelona
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