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Greg Mankiw’s Weblog: Piketty in Transient

Jack Young by Jack Young
January 18, 2023
Home Economy

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I simply learn Thomas Piketty’s newest e book, A Brief History of Equality. It’s the greatest window into Piketty’s considering up to now partly as a result of it’s, in contrast to his earlier books, mercifully brief (244 pages, not counting the appendix).

After all, Piketty’s considering may be very completely different from mine. Phrases like provide, demand, comparative benefit, and the mutual beneficial properties from commerce are virtually fully absent from his e book. As a substitute, we hear quite a bit about political energy and exploitation of the weak by the sturdy. In Piketty’s worldview, the usual undergraduate textbook in economics is essentially a non sequitur. So is Adam Smith’s The Wealth of Nations.

This new e book purports to summarize the important thing factors of the large volumes that Piketty has beforehand written. What I discovered most fascinating, due to this fact, was what was not included. Piketty doesn’t point out “the central contradiction of capitalism,” to make use of the phrase from his e book Capital within the twenty first Century. In that earlier e book, we have been advised that r>g results in an “infinite inegalitarian spiral.” For causes I defined here, I at all times thought that this declare was absurd.

Why is that this main theme from the sooner e book omitted on this new one? Has Piketty tacitly recanted? It’s onerous to say.

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Jack Young

Jack Young

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