Piketty’s Statistics Can Be Questioned, But…

his conclusions can not be, write Dan Lieberman.  Capitalism is doomed if the spread between the very, very wealthy and the rest of us is too great.

Questioning the statistics in Thomas Piketty’s best selling book with intent to undermine his thesis, is futile. Even if Piketty’s alert to the economics community that returns on investment have exceeded the real growth of wages and output, which means that the stock of capital is rising faster than overall output, may not be exact, the criticism has neglected to upset the conclusion – severe income inequality and inequitable wealth distribution doom the capitalist system to an eventual collapse, and a more narrow distribution keeps it going.    Piketty’s Statistics

Income Inequality

 

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