Thomas Piketty Turns Marx on His Head

[Celerity]

https://www.nytimes.com/2020/03/08/books/review/capital-and-ideology-thomas-piketty.html

CAPITAL AND IDEOLOGY

By Thomas Piketty

By Paul Krugman

Seven years ago the French economist Thomas Piketty released “Capital in the Twenty-First Century,” a magnum opus on income inequality. Economists already knew and admired Piketty’s scholarly work, and many — myself included — offered the book high praise. Remarkably, the book also became a huge international best seller.

In retrospect, however, what professionals saw in “Capital” wasn’t the same thing the broader audience saw. Economists already knew about rising income inequality. What excited them was Piketty’s novel hypothesis about the growing importance of disparities in wealth, especially inherited wealth, as opposed to earnings. We are, Piketty suggested, returning to the kind of dynastic, “patrimonial” capitalism that prevailed in the late 19th century. But for the book-buying public, the big revelation of “Capital” was simply the fact of soaring inequality. This perceived revelation made it a book that people who wanted to be well informed felt they had to have.

To have, but maybe not to read. Like Stephen Hawking’s “A Brief History of Time,” “Capital in the Twenty-First Century” seems to have been an “event” book that many buyers didn’t stick with; an analysis of Kindle highlights suggested that the typical reader got through only around 26 of its 700 pages. Still, Piketty was undaunted.

His new book, “Capital and Ideology,” weighs in at more than 1,000 pages. There is, of course, nothing necessarily wrong with writing a large book to propound important ideas: Charles Darwin’s “On the Origin of Species” was a pretty big book too (although only half as long as Piketty’s latest). The problem is that the length of “Capital and Ideology” seems, at least to me, to reflect in part a lack of focus.

snip