Capital in the 21st Century - Thomas Piketty

[racemize]

[amazonsearch]Capital in the 21st Century - Thomas Piketty[/amazonsearch]

 

Has anyone read this?  It looks interesting, but I'm on the fence about getting it.  Here's a review:

 

http://www.washingtonpost.com/opinions/capital-in-the-twenty-first-century-by-thomas-piketty/2014/03/28/ea75727a-a87a-11e3-8599-ce7295b6851c_story.html

[Cer302]

I was on the fence too but from what I understand it has a marxist/socialist leaning and he advocates an 80%  percent tax on people who make more then $500k. I have a different perspective but I may read just to get another viewpoint.

[racemize]

I was on the fence too but from what I understand it has a marxist/socialist leaning and he advocates an 80%  percent tax on people who make more then $500k. I have a different perspective but I may read just to get another viewpoint.

 

It sounds like he also advocates a 2% wealth tax.

[txlaw]

Capital in the 21st Century - Thomas Piketty:

 

Has anyone read this?  It looks interesting, but I'm on the fence about getting it.  Here's a review:

 

http://www.washingtonpost.com/opinions/capital-in-the-twenty-first-century-by-thomas-piketty/2014/03/28/ea75727a-a87a-11e3-8599-ce7295b6851c_story.html

 

This book is supposed to be on the required reading list for anyone in the economics profession -- or really anyone interested in macroeconomics. 

 

Here's the Economist's review:

http://www.economist.com/news/finance-and-economics/21592635-revisiting-old-argument-about-impact-capitalism-all-men-are-created

[Myth465]

i havent read an Econ book in years but this one keeps popping up.

 

Planet Money said its the book of the year and required reading - http://www.npr.org/blogs/money/2014/04/09/301010519/episode-530-marijuana-law-school-and-centuries-of-inequality?ft=1&f=93559255

 

Krugman says it has the right scared and their only response is to call him a Pinko Marxist (LOL look at the posts in this thread) - http://economistsview.typepad.com/economistsview/2014/04/paul-krugman-the-piketty-panic.html

 

Here is an Hour an a half debate on it that I plan on watching later in the week - http://economistsview.typepad.com/economistsview/2014/04/video-piketty-krugman-stiglitz-and-durlauf-on-capital-in-the-twenty-first-century.html

[stylized_fact]

Here's a book review by Robert Solow that I have read once but need to read again, and probably a third time.

 

http://www.newrepublic.com/article/117429/capital-twenty-first-century-thomas-piketty-reviewed

 

I liked Krugman's criticism that the new "supermanager" class is largely HFM types whose compensation is very directly tied to financial performance, and not usually the result of a cozy relationship with a corrupt BOD.

[yadayada]

The one thing that is wrong with socialism, and I love the Feynman quote (paraphrasing): The government is still stupid and innefficient and sometimes flat out corrupt, untill you fix that, socialism is a giant waste of resources.

 

My problem with economists is that they think way too much in a vacuum. It all works great in theory, but in reality they forgot we are all greedy animals, mostly out for ourselves. I think a better solution would be to give the upper class a tax exemption if they donate money to institutions that try to better things like education instead. At least there the money will be more efficiently used by smart people who want to improve on the system.

 

But the moment you mention less taxes, your a selfish greedy capitalist.

[prevalou]

in 2012 Piketty wrote a paper with other economists to sustain Hollande presidency. Here we are in France after two years: high deficit, no growth, hign unemployment.. amid a lot of taxes.

[yadayada]

Parkinson's law:

http://www.berglas.org/Articles/parkinsons_law.pdf

 

Should be required reading for every economist.