"Piketty sticks with the old Marxist clichés. And the success of his book rests on a stupid little equation: r > g. This makes you sound like you know what you're talking about at dinner parties. It tells us that when the returns to rentiers [the return on capital investments] is greater than economic growth it's a bad thing, and we have to take money away from the rentiers in order to make the world a more beautiful and happy place. Of course, g is not clearly defined...and neither is "capital," which is today mostly debt anyway."But I only say that because I'm jealous. I'd like to come up with an idiotic equation and get rich, too!"
"Move over, Fifty Shades of Grey. Instead of romance, a book by French economist Thomas Piketty on income inequality and capitalism is the No. 1 best-selling book on Amazon.com."Piketty's Capitalism in the Twenty-First Century is generating so much interest among economists and policymakers that it's temporarily out of stock on Amazon."At nearly 700 pages, it's not a book for beach reading by casual readers – unless a mix of dense economic data and history is your thing."Piketty examined decades of historical data from 20 countries to compare income inequality over time and concluded that the US economy has seen the wealth of the 1% grow to dizzying new heights."Wealth isn't trickling down as some argue, Piketty said. Moreover, he warns that rising inequality will undermine democracy and generate discontent..."