A Piketty Correction

February 18, 2014 § 1 Comment

When I re-read my recent post on Thomas Piketty I discovered a significant error.  When I referred to his graph based on the ratio of capital to income between the World Wars, I described it as “an inverted U”.  That was wrong.  It was, of course, a “U-shaped graph”:  high before WWI, low between WWI and WWII, then climbing back to prewar levels beginning in the 1970’s.

I regret the error.

I have also corrected some grammatical errors (I just had to correct my misspelling of “grammatical”) and have removed some extraneous words but those editorial tweaks have not changed the meaning.

There are some  interesting details about Pikkety’s analysis and some implications of his predictions that I am still processing.  When I have organized my thoughts about these issues, I will post another essay about Piketty.   Reading about his theory has prompted me to reconsider and re-frame my thinking about our economic system and the cultural norms that have developed around it.

Bob

Advertisements

§ One Response to A Piketty Correction

  • wisconsincurmudgeon says:

    Bob,

    This is a fascinating article. I am looking forward to reading more about Piketty’s ideas. Certainly, on the surface they make sense to me.

    I have had a 30+ year on-going dialogue about the Chicago School of Economics (which to my mind has never made good sense) with a dear friend who has a degree from the U. of Chicago. He actually broke bread with St. Milton of Friedman (as we refer to him). My friend is a card carrying Libertarian.

    I forwarded your blog to my friend and await his frenzied apologetics in defense of the ridiculous economic systems that is killing the US and much of the rest of the world.

    Thank you for your research,

    Jim

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

What’s this?

You are currently reading A Piketty Correction at Robert Hall.

meta

%d bloggers like this: