Pic Of The Moment: You Don't Have To Be A Master Sleuth To Figure Out What's Going On

[passiveporcupine]

18. for those who don't have time to read them now

Last edited Mon Apr 28, 2014, 03:14 PM - Edit history (2)

A few points from the articles listed in the OP about Piketty's book.

The Guardian:

Piketty has written a marvellous, persuasive book...
Most important, it is rooted in the facts of inequality that cry out for explanation.

Piketty shows that in rich countries at the frontier of technology and skills, the growth of incomes is between 1% and 2% a year. Meanwhile, the rate of return on capital averages about 4% to 5% a year. So those who draw their income from capital returns will outstrip wage earners and "inherited wealth grows faster than output and income".

One of the biggest battles in most developed countries' politics turns out to be wrong. The right was meant to be nasty and selfish, but good for growth. The left was soft and kindhearted, but a threat to prosperity.

The Demoines Register:

he U.S. economy has begun to decay into the aristocratic Europe of the 19th century. Hard work will matter less, inherited wealth more. The fortunes of the few will unsettle the foundations of democracy.

In an interview, Piketty, 42, held forth on the "dangerous illusion" of the meritocracy, why China is unfairly blamed for flat U.S. wages and his fix for limiting inequality.

From Krugman:

No, what's really new about "Capital" is the way it demolishes that most cherished of conservative myths, the insistence that we're living in a meritocracy in which great wealth is earned and deserved.

Time

It’s going to be remembered as the economic tome of our era. Basically, Piketty has finally put to death, with data, the fallacies of trickle down economics and the Laffer curve, as well as the increasingly fantastical notion that we can all just bootstrap our way to the Forbes 400 list.

Never mind. I cannot keep doing this...there is too much I have to leave out due to rules of quoting. The message I have for everyone who cares about what is happening to the health of America today, is read this damn book...NOW! (or as soon as you can get it ) Also, read the links in the OP.

This is going to be a book that turns the tide of American thinking concerning wealth and growth.