Brandon DeLong, inspired by Lawrence Summers’ review of ‘Capitalism”, takes off on one area that has been much discussed.

“There is plenty to criticize in existing corporate-governance arrangements,” Summers writes. “I think, however, that those like Piketty who dismiss the idea that productivity has anything to do with compensation should be given a little pause.” Why? “The executives who make the most money are not…running public companies” and “pack[ing] their boards with friends,” says Summers. Instead, they are “chosen by private equity firms to run the companies they control. This is not in any way to ethically justify inordinate compensation – only to raise a question about the economic forces that generate it.”  Most will agree that some inequality is good and fair and even inspiring.