Scott Sumner — This Year's Model

I’ve started Piketty’s new book, but just finished the first chapter (intro.) Here are a few initial observations:

 So Sumner thinks that Piketty is a moron. I would expect that the feeling is mutual.

This is even more absurd than I expected. It does not logically follow that inherited wealth grows faster than output and income. It just doesn’t. It’s wrong. I really don’t know what else to say, other than it’s wrong. At some level the Piketty probably understands his claim was incorrect, as he contradicts himself in the very next sentence:

The Money Illusion
This Year's Model
Scott Sumner | Professor of Economics, Bentley University
(h/t Clonal in the comments)