Trudging though Pikettys Capital in the 21st century. It is an - TopicsExpress

Trudging though Pikettys Capital in the 21st century. It is an intensely boring academic book, but the takeaway is this: If you analyze historical economic data R>G ( rate of return on capital is greater than the rate of growth) this is both very abstract, and intensely scary. It means that all theory about the self correction of markets is complete bullshit. That is bad news for all political theories on economic policy in the last half century-- conservative or liberal. It is not (as some suggest) a defense of marxs Kapital, but that Theodore Roosevelt and FDR basically created the middle class by accident, and that the policies of all politicians since 1980 have undone the system which created it, which is why we have seen the reemergence of an aristocratic upper class due to both inherented wealth and our reluctance to reinstate a truly progressive tax policy. Its kind of terrifying.

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