Main menu:

History of RPE Thought

Posts by Tag

RSS New from the CCPA

  • A critical look at BC’s new tax breaks and subsidies for LNG May 7, 2019
    The BC government has offered much more to the LNG industry than the previous government. Read the report by senior economist Marc Lee.  
    Canadian Centre for Policy Alternatives
  • The 2019 living wage for Metro Vancouver April 30, 2019
    The 2019 living wage for Metro Vancouver is $19.50/hour. This is the amount needed for a family of four with each of two parents working full-time at this hourly rate to pay for necessities, support the healthy development of their children, escape severe financial stress and participate in the social, civic and cultural lives of […]
    Canadian Centre for Policy Alternatives
  • Time to regulate gas prices in BC and stop industry gouging April 29, 2019
    Drivers in Metro Vancouver are reeling from record high gas prices, and many commentators are blaming taxes. But it’s not taxes causing pain at the pump — it’s industry gouging. Our latest research shows that gas prices have gone up by 55 cents per litre since 2016 — and the vast majority of that increase […]
    Canadian Centre for Policy Alternatives
  • CCPA welcomes Randy Robinson as new Ontario Director March 27, 2019
    The Canadian Centre for Policy Alternatives is pleased to announce the appointment of Randy Robinson as the new Director of our Ontario Office.  Randy’s areas of expertise include public sector finance, the gendered rise of precarious work, neoliberalism, and labour rights. He has extensive experience in communications and research, and has been engaged in Ontario’s […]
    Canadian Centre for Policy Alternatives
  • 2019 Federal Budget Analysis February 27, 2019
    Watch this space for response and analysis of the federal budget from CCPA staff and our Alternative Federal Budget partners. More information will be added as it is available. Commentary and Analysis  Aim high, spend low: Federal budget 2019 by David MacDonald (CCPA) Budget 2019 fiddles while climate crisis looms by Hadrian Mertins-Kirkwood (CCPA) Budget hints at priorities for upcoming […]
    Canadian Centre for Policy Alternatives
Progressive Bloggers

Meta

Recent Blog Posts

Posts by Author

Recent Blog Comments

The Progressive Economics Forum

Pikkety on Capital in the 21st Century (Tom Palley)

I have just finished Piketty’s magnum opus which is clearly one of the most important economic books of our time. I am still trying to digest the theoretical argument.

Below I provide a link and intro to an important commentary by Tom Palley who argues that Pikkety is too close to the neo classical paradigm re rewards to capital.

This may be a bit exaggerated, but Pikkety does relatively neglect the role of economic and political power in determining the rate of profit and capital’s share of national income. To my mind he also systematically confuses wealth and capital, and has remarkably little to say on the role of financial capital.

The accidental controversialist: deeper reflections on Thomas Piketty’s “Capital”

 

Thomas Piketty’s Capital in the Twenty-First Century is a six hundred and eighty-five page tome that definitively characterizes the empirical pattern of income and wealth inequality in capitalist economies over the past two hundred and fifty years, and especially over the last one hundred. It also documents the grotesque rise of inequality over the past forty years and ends with a call for restoration of high marginal income tax rates and a global wealth tax.

 

His book has tapped a nerve and become a phenomenon. In laying a solid blow against inequality, Piketty has also become an accidental controversialist. That is because his book has potential to unintentionally trigger debate over so-called “free market” capitalism. The big question is will that happen? [READ MORE HERE

 

Enjoy and share:

Comments

Comment from eric pineault
Time: April 24, 2014, 9:50 am

Andrew, Piketty’s book was originally published in french and has been read and discussed a year ago in the francosphere. The criticism that you have suggested are the same ones that came to mind when I read the book in French, and I remember that this was also taken up in the reviews the book received. We are all very surprised by the rave in the U.S. over the english version, but hey if it gets people discussing capital and inequality, then all the better

Comment from Larry Kazdan
Time: April 24, 2014, 11:44 pm

http://rwer.wordpress.com/2014/04/19/more-effective-remedies-for-inequality-than-pikettys/

from Geoff Davies

“When one looks into the mechanisms that have operated in market economies, one can readily identify mechanisms that pump wealth from the 99% to the 1%. One can then think of ways to stop or reverse these flows, so wealth flows more fairly to everyone involved in its generation. It will be much more effective to fix the problems at the source than just to apply traditional retro-active bandaids like taxes.

In my own book Sack the Economists, I identified seven fairly obvious such mechanisms.”

Write a comment





Related articles