J. Barkley Rosser — Minnesota Mafia Challenges Piketty

In the end, what is really driving Minnesota models is this distribution of different discount factors. So, it is at the bottom line that those on top are patient and willing to abstain while those at the bottom are short-sighted and impatient, tsk tsk. In this view, obviously the losers deserve what they (don't) get, while the virtuous rich deserve theirs. This is the Protestant Ethic triumphant!

Econospeak
Minnesota Mafia Challenges Piketty
J. Barkley Rosser | Professor of Economics at James Madison University in Harrisonburg, Virginia