Marshall Steinbaum catches us up on what's happened since the publication of Piketty's Capital in the 21st Century three years ago. Actually, lots.
But the economics profession has largely ignored it since it involves distribution and the economics profession doesn't consider distribution to be relevant to economic analysis or policy formulation. Distribution is assumed to be the result of marginal product of capital and marginal product of labor. So, in aggregate everyone deserves what they get.
Boston Review
Why Are Economists Giving Piketty the Cold Shoulder?
Marshall Steinbaum | Fellow and Research Director at the Roosevelt Institute
Boston Review
Why Are Economists Giving Piketty the Cold Shoulder?
Marshall Steinbaum | Fellow and Research Director at the Roosevelt Institute
There's something wrong with the link. I can find the article but it takes me back to MNE's.
ReplyDeleteThanks. Fixed it.
ReplyDeletehttp://bostonreview.net/class-inequality/marshall-steinbaum-why-are-economists-giving-piketty-cold-shoulder
Excellent article, Tom.
Delete"But the economics profession has largely ignored it since it involves distribution and the economics profession doesn't consider distribution irrelevant."
ReplyDeletedoesn't consider distribution irrelevant = consider distribution relevant?
Would it be useful to use software to check grammar/spelling?
doesn't consider distribution irrelevant = consider distribution relevant?
ReplyDeleteRight.
A spelling checker would not catch that. In fact, the automatic feature probably caused it.
Yeah, I should preview what I write, but I spend enough time here as it is.