Piketty

Perhaps the central contention of the left’s économiste du jour doesn’t really hold up:

After the dot-com bubble of the 1990s; the subprime bust and collapse in housing prices; and now the willingness of investors to plow money into unprofitable technology companies, it’s hard to buy Piketty’s thesis that capital is over-compensated. Inequality has certainly increased but even Paul Krugman, in an otherwise favorable review of Piketty’s book, notes that its findings don’t really apply to the U.S.

Quelle surprise.

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