This new book of Thomas Piketty’s, Capital in the 21 st century. There’s a terrific chart at the New Yorker explaining the whole argument.
So, just to recap his basic argument. If the return to capital is above growth then wealth becomes more concentrated, inequality rises. If growth is above the return to capital then inequality falls.
OK, pretty basic.
But look at that assertion! All is going to be woe for the rest of the century because the return to capital has blipped above growth a couple of years ago and I’ll project that out for 87 years. Or, perhaps, I’m predicting that it will in a few years and continue to get worse.
And someone seriously is predicting this when we’re in the middle of a vast technological revolution based upon computing and telecoms? Seriously?