Perhaps more accurately, we should say one of the problems with the work of Thomas Piketty. As Brad Delong points out, the central contention is as follows:
Hotshot French economist Thomas Piketty, of the Paris School of Economics, looked at the major democracies with North Atlantic coastlines over the past couple of centuries. He saw five striking facts:
First, ownership of private wealth—with its power to command resources, dictate where and how people would work, and shape politics—was always highly concentrated.
Second, 150 years—six generations—ago, the ratio of a country’s total private wealth to its total annual income was about six.
Third, 50 years—two …read more
Source: Adam Smith Institute