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• W2565430983 abstract "A Sort of Intellectual Sleight of Hand: How Nobel Laureates Paul Krugman, Robert Solow, and Joseph Stiglitz Praised Thomas Piketty's Capital in the Twenty-First Century, and What That Tells Us About the State of 21st Century EconomicsCommenting on French economist Thomas Piketty's global bestseller, Capital in the Twenty-First Century, a whimsical article in the Wall Street Journal gave it the dubious distinction of being the most-unread ever.The contest isn't even close, reported the Journal. Mr. Piketty's book is almost 700 pages long, and the last of the top five popular highlights appears on page 26. Stephen Hawking is off the hook; from now on, this measure should be known as the Piketty Index (Ellenberg, 2014).The Journal reporter was referring to the fact that, in Amazon's Kindle edition of the book, readers are able to highlight passages. According to Amazon data, few passages were highlighted past page 26, which indicated that very few read past that page. So Piketty's bestseller may be even more unread than the previous champ, physicist Stephen Hawking's A Brief History of Time.Capital in the Twenty-First Century therefore belongs on the shelf with two other best-sellers that have had enormous influence but are also virtually unread: John Maynard Keynes's The General Theory and the multi-volume tome whose title no doubt inspired Piketty's: Capital, by Karl Marx. When a book is much discussed but hardly read, great harm is often done, and not just to intellectual discourse.I attest that I have read all the pages in Capital in the TwentyFirst Century, some more than once. In the English translation by Arthur Goldhammer, the book is fairly easy going. In what follows, I'll contrast the somewhat surprising contents of Piketty's tome with the interpretations put forward by three Nobel laureate economists: Paul Krugman, Joseph Stiglitz, and Robert Solow.As we'll see, based on his comments, it's doubtful that Joseph Stiglitz got past page one of this book, much less to page 26. Robert Solow appears to have read much of it, although he missed key parts. Paul Krugman probably read it all, although he not been above misrepresenting its contents when the occasion suited him.As I'll also explain-and as Krugman himself can be found to acknowledge-Piketty's book is an especially strange case for a simple reason: Despite its title, it's not really about capital in the twenty-first century. It's about the salaries of corporate executives.INCOME AND WEALTH INEQUALITY CAUSED BY WHAT?I took a course in speed reading, comic Woody Allen once joked, learning to read straight down the middle of the page, and I was able to go through War and Peace in 20 minutes. It's about Russia.Twenty minutes with Capital in the Twenty-First Century is probably enough to learn that the book is about widening inequality of income and wealth. It takes a little longer to find out what the book purports to say about that subject.The book supposedly says that under a capitalist system, ownership of capital leads to rising inequality that is (in Piketty's words) potentially terrifying; and that the only way to curb this terrifying tendency is for the government to impose heavy taxes on wealth and income.According to Piketty, the principal destabilizing force that causes this widening inequality has to do with the fact that the private rate of return on capital, r, can be significantly higher for long periods of time than the rate of growth of income and output, g.Taking Piketty at his word, Robert Solow observes approvingly, This is Piketty's main point, and his new and powerful contribution to an old topic: as long as the rate of return [on capital] exceeds the rate of growth, the income and wealth of the rich will grow faster than the typical income from work (Solow, 2014).The math of Piketty's and g, can be expressed as follows: r > g. …" @default.
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• W2565430983 title "A “Sort of Intellectual Sleight of Hand”: How Nobel Laureates Paul Krugman, Robert Solow, and Joseph Stiglitz Praised Thomas Piketty’s Capital in the Twenty-First Century, and What That Tells Us About the State of 21st Century Economics" @default.
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