Piketty's Inequality Con [zero hedge]
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Piketty's Inequality Con Via SchiffGold.com, If you ask a liberal politician who their favorite economist is, there are three likely responses. One response is a panicked change of topic. From the slightly more sophisticated politicians who skim the New York Times, you might hear Paul Krugman. From the politicians who style themselves intellectuals of the left, you’d hear Thomas Piketty. Thomas Piketty is a French economist who is a professor at the School for Advanced Studies in the Social Sciences, one of France’s most prestigious schools. In 2013, he released a book called Capital in the Twenty-First Century . It was a bestseller. In the book, Piketty argues that the rate of return on capital is greater than long-run economic growth. He projects that this relationship will continue and a small minority of capital owners will become richer, not just in absolute terms due to economic growth, but also in relative terms, as wages comprise a smaller and smaller share of the economy over
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