From Huffington Post:
"The report's authors, led by Ajay Singh Kapur of Merrill Lynch Hong Kong, brushed off a recent Financial Times critique of Piketty's work that questioned some of his data choices and basically accused him of making stuff up. Piketty has answered those charges, mostly to the satisfaction of other economists. And very few people (aside from critics on the right and maybe at the FT) question Piketty's vision of rising inequality. Not even Merrill Lynch doubts it.
"The report's authors, led by Ajay Singh Kapur of Merrill Lynch Hong Kong, brushed off a recent Financial Times critique of Piketty's work that questioned some of his data choices and basically accused him of making stuff up. Piketty has answered those charges, mostly to the satisfaction of other economists. And very few people (aside from critics on the right and maybe at the FT) question Piketty's vision of rising inequality. Not even Merrill Lynch doubts it.
"We are aware of the controversy over Piketty’s math (see the FT Money Supply blog), but are generally comfortable with the thrust of his analysis, having read his 577-pager, looked at his (problematic) spreadsheets, and cross-checked his data with alternative, credible sources," the authors wrote. "His questionable assumptions do not detract from the power of his thesis."
Merrill Lynch made this chart, using Piketty's numbers, predicting that wealth will rise much faster than economic growth in major economies all over the world:"
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