poverty

Review and Critique of Piketty’s Capital in the Twenty-First Century

This essay is a comprehensive and critical review of Thomas Piketty’s Capital in the Twenty-First Century. It follows the flow of Piketty’s argument carefully and literally and notes his many assertions that are unsupported or contradicted by economic logic and empirical evidence, particularly in the United States. The essay particularly questions the high real interest rate needed to support Piketty’s model of growth and distribution, in stark contrast with the low and even negative real interest rates the United States has been experiencing for several years. The essay also summarizes the recent critiques of Piketty’s arguments by other leading economists

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