"It provides readers with a simple explanation for rising inequality. Wealth generally grows faster than the economy, Mr Piketty argues. What is more, there are few economic forces that counteract its natural tendency to become concentrated, as greater wealth brings greater opportunity to save and invest. In the absence of exceptionally rapid growth or a nasty period of geopolitical instability like that between 1914 and 1945, inequality therefore grows."
Friday, May 16, 2014
Bigger than Marx
The Economist reviews Capital in the Twenty-First Century, by Thomas Piketty, translated by Arthur Goldhammer.