Saturday, April 26, 2014

The Piketty Pessimist

Felix Salmon writes in The Piketty Pessimist
"Which means that my reading of Piketty is ultimately pessimistic. The dynamics of the world economy are bad, and they’re getting worse; inequality is natural in human history, and right now we’re reverting to a state of affairs which is highly unfair but also both sustainable and, in its own way, unsurprising. Piketty has diagnosed a nasty condition. But I don’t think there’s a cure."
That is roughly my opinion too ( may be we are evolving to a system where about 40 percent will be about subsistence level and virtual slavery and the middle classes doing their own things and fortifying the top, and the state too powerful to change) but I will continue to follow the discussions.Brad DeLong keeps us uptodate.

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