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.