Piketty’s Response

Piketty

This is a response to the criticisms - which I interpret as requests for additional information – that were published in the Financial Times on May 23 2014. These criticisms only refer to the series reported in chapter 10 of my book Capital in the 21st century, and not to the other figures and tables presented in the other chapters, so in what follows I will only refer to these series.

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Exactly Backwards

Small White Pebble Circles, Richard Long, 1987 by Jeffrey Frankel The world is seized by a debate between fiscal austerity and fiscal stimulus. Opponents of austerity worry about contractionary effects on the economy. Opponents of stimulus worry about indebtedness and moral hazard (see Corsetti 2012). Is austerity good or...

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‘The Eurozone has arrived at a historic crossroads’

From New Left Review: Why has the Eurozone emerged as the new epicentre of the global financial crisis, when its origins—the famous subprime mortgages—were American? And why, within Europe, has Greece proved to be the weak link? The starting point for any adequate answer is the recognition that what...

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Free Market Power Put on Ice

by Gregory Jusdanis I got a new lesson on the force of narrative during the blackout that affected much of the mid-west and east coast in early July. It was the third time our own neighborhood had experienced an extended power outage in four years. This time, however, the...

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Capitalism may yet weather climate change…

Can capitalism effectively respond to climate change? This is the timely and critically important question posed by Peter Newell and Matthew Paterson at the beginning of their book, Climate Capitalism. It is the same question that motivated me to focus my own research on the topic of business and...

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‘Hirelings wandering round Europe’

Wladimir Klitschko and Jean-Marc Mormeck in the WBA-IBF Heavyweight titles, Düsseldorf, March 2012 by Àngel Ferrero In the amorality of capitalism, the alternatives for an emigrant are virtually reduced to cynicism or melancholy. Cigarette smoke snuck into clothes and wreathed tables, chairs, and walls of the bar in Neukölln,...

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‘Money never gets tired’

Barney Dodd and Chris Frank From Rolling Stone: The giant reform bill turned out to be like the fish reeled in by Hemingway’s Old Man – no sooner caught than set upon by sharks that strip it to nothing long before it ever reaches the shore. In a furious...

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‘What is needed is a theory of distribution’

Liberty Plaza, November 2011. Photograph by Sasha Kimel From Monthly Review: In the early 1980s, I began telling my students that growing inequality of income and wealth would become the dominant political issue of the future. I did not think that the future meant thirty years, but better late...

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Financial repression measures seen thus far are but the tip of a very large iceberg…

As coined by Ronald McKinnon (1973), the term “financial repression” describes various policies that allow governments to “capture” and “under-pay” domestic savers. Such policies include forced lending to governments by pension funds and other domestic financial institutions, interest-rate caps, capital controls, and many more.

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CAPITALISM

by Vincent W.J. van Gerven Oei and Jonas Staal Introduction The following two works were produced by visual artist Jonas Staal and writer Vincent W.J. van Gerven Oei during a visit as artists in residence at The Bag Factory, Johannesburg, South Africa during the summer of 2010. Both works...

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Carl Wennerlind: Credit Alchemy!

by Carl Wennerlind When the philosopher Baruch de Spinoza received word of a successful transmutation of lead into gold in December of 1666, he quickly sought to quell his skepticism by personally visiting the adept, and the visit left him fully convinced of the veracity of the adept’s account....

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Hayek’s review of the Treatise in Economica appeared technical in character, but it was politically charged…

The Theatre, LSE, c.1930. Photograph from LSE Library Collection From The Times Literary Supplement: In London, Robbins had experienced Keynes’s less attractive side. They had both been appointed to the Macmillan Committee on Finance and Industry, which was intended to find answers to the severe economic downturn then under...

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Michael Schiltz: Yen Blocism

We are living through ominous times. In the wake of the 2008 subprime crisis, the world economy has been battered by a series of profound shocks that have not been experienced since the 1930s.

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Flawedonomics

From Freakonomics, Cold Fusion, 2010 From American Scientist: The nonfiction publishing phenomenon known as Freakonomics has passed its sixth anniversary. The original book, which used ideas from statistics and economics to explore real-world problems, was an instant bestseller. By 2011, it had sold more than four million copies worldwide,...

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Hedge Tip

John Bedford Lloyd playing the character Bill Clark (based on Henry Paulson), Wall Street: Money Never Sleeps, 20th Century Fox, 2010 From Bloomberg: Treasury Secretary Henry Paulson stepped off the elevator into the Third Avenue offices of hedge fund Eton Park Capital Management LP in Manhattan. It was July...

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Squeezed

by Justin E. H. Smith In 1994 I was admitted to a few Ph.D. programs, but only two of them were not from my back-up list. One of these was UCLA, where I was admitted with full-funding for the doctoral program in Slavic linguistics, and the other was Columbia,...

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Are the Chinese prone to money illusion?

China’s monetary policy and its inflation have got people talking – particularly about the effect on other countries. But what about its effect on China’s people? Are they fooled by money illusion?

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Marcel-Duchamp-Leaving-the-Cafe-1

Marcel Duchamp sat silent. He seemed far away, lost in reverie. Then, he spoke of the death of art, which he described as...

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Bobbi Lurie
Duchamp-smoking-through-the-cracked-glass

But I was perplexed. Marcel Duchamp didn’t order a thing to eat at the café. I assumed it was because he was dead, requiring nothing...

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fp

Earthquake metaphors have had strong currency, both political and journalistic, in the aftermath of May’s European Parliament (EP) elections. The most spectacular tremors were...

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Ernst_Ludwig_Kirchner

Both Derrida and Ronell suggest that saying yes is “telephonic,” both in the sense that it resounds over a distance and therefore always is...

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ramirez1fullsize

Unless they lived in Texas, New Mexico, Arizona or California – all former Mexican territories – most U.S. residents in the 1930s were unaware...

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MashaTheDevilProbably

The different tools used to capture the frame and the wild variety in terms of image quality, which is the way films are remembered...

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ron-sky-rat-cover

“We’ve got a problem,” says Andrew Shuta of Spork as he and Drew Burk guide me into a fancy conference room. Ron’s sitting across from...

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chinua

Many years ago, in an interview he did with Bill Moyers, Chinua Achebe was asked, “What would you want the West to do?” Achebe...

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Masha Tupitsyn
sickert

No one can love anymore because of an overabundance of reaction formation. No one wants to owe anything to their desire(s); to other people’s...

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Hearn1

How could a man born on a Greek island in 1850 be a household name in Japan today? The answer lies in the story...

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kentridge1

Jean Améry titled his renowned book on voluntary death, Hand an Sich Legen – To lay Hands on Oneself. Beyond the argument of Amery...

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letters

Several months ago, I wrote a long letter by hand to a young woman I barely knew. That sounds pretty dubious, if not to...

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Kemmler

In a move that might strike readers as odd, Derrida spends most of these lectures not on the case made by death penalty proponents,...

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proust

Although Charles Kenneth Scott Moncrieff’s translation of À la recherche du temps perdu is considered by many journalists and writers to be the best...

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