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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1%

Of the 1%, by the 1%, for the 1% | by Joseph E. Stiglitz

Vanity Fair

It’s no use pretending that what has obviously happened has not in fact happened. The upper 1 percent of Americans are now taking in nearly a...

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Capitalism at its Historical Limits

From The Chronicle Review: Apart from the patently nonreality-based dissent of its Republican members, the Financial Crisis Inquiry Commission could hardly have expected the report it issued in January to arouse much excitement. After a year and a half of research and the testimony of academics and other economic...

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Mega-Megacities

Mexico City by Klaus Desmet and  Esteban Rossi-Hansberg Are the world’s megacities becoming a sprawling, overfed, and uncontrollable mass that needs to be restrained for the good of society and the environment? This column suggests that policies aimed at reducing the dispersion in city sizes will hardly improve the...

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How the Celtic Tiger Lost Its Stripes

Ireland on the turn? | by Daniel Finn

New Left Review

For much of the past two decades, the Republic of Ireland found itself hailed as a crowning glory of neo-liberalism. Between 1993 and 2000, Irish gnp grew by an average of...

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‘Nobody goes to jail. This is the mantra of the financial-crisis era…’

Wall Street: Money Never Sleeps, 20th Century Fox, 2010 From Rolling Stone: Over drinks at a bar on a dreary, snowy night in Washington this past month, a former Senate investigator laughed as he polished off his beer. “Everything’s fucked up, and nobody goes to jail,” he said. “That’s...

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Psychodrama of the IMF

Ben Heine by Biagio Bossone In the years leading up to the global crisis, the IMF routinely failed to detect the vulnerabilities that brought the global economy to its knees – even once the turmoil had begun. How could the organisation mandated to oversee international finance stability have been...

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C+V+S

Photograph by Phil Douglis From London Review of Books: In the case of real estate, it might happen – as it has – that more building and selling of houses has been financed than can actually be paid for with income deriving, in the last instance, from production. So...

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It seemed inevitable that the dollar would lose its exorbitant privilege. But the currency is here to stay, if only for want of an alternative…

by Barry Eichengreen The dollar’s key role in international markets is once again in the spotlight. This column introduces a new book by Barry Eichengreen: Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System. As the author puts it, “If you...

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Manifesto of the Appalled Economists

Atelier Tee From European Alternatives: The world economic recovery, permitted by a massive injection of public spending into the economy, is fragile but real. One continent lags behind, Europe. Finding again the path of growth is no longer its priority policy. Europe has embarked on another path: the fight...

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Martin Gilman has déjà vu all over again…

by Martin Gilman From my perch in Moscow, the inimitable words of Yogi Berra come to mind as I watch the economic turmoil in Ireland and the contagion effects on others that constitute the soft underside of the eurozone currency area. The sense of déjà vu is palpable.  No,...

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‘Obama knew little economics, however, and he took the word of the orthodox…’

From London Review of Books: Of all Obama’s appointments, the most damaging to his credibility with liberal supporters were Lawrence Summers and Timothy Geithner, the chief economic adviser and the secretary of the treasury. Geithner has the air of a perpetual young man looking out for the interests of...

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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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carpo

It all started with cellphones, a long time ago. No student, and few teachers, would make voice calls from class, but in the early...

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Daniel Bosch
dace-holland

Three of America's most famous poets announced today the immediate availability of new, moderately priced "diffusion lines" based on their celebrated high-end works to...

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Soren_Kierkegaard_i_Corsaren

When Johannes Climacus defines Christianity in the Postscript, he writes:

Christianity is spirit; spirit is inwardness; inwardness is subjectivity; subjectivity is essentially passion, and at...

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gosse1

On May 31, two weeks after his death, and the day before Orlando was sent to the printer, Woolf noted his death as follows:...

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A while back I found an online edition of Anouck Durant and Gilles De Rapper's monograph Ylli: Les couleurs de la dictature.

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noise

OK, I've been outed as a noise nut and it's true. I am crazed by noise. I have to put my fingers in my...

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I, myself, was barely six months old when Twin/Tone put out The Mats’ Let It Be. The day, they say, was Orwellian: Tuesday, October...

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fusion

When Yaweh advanced into Ezekiel in the form of penetration, the four wings of the chariot became instantly erect and bloodshot and then fell...

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