Saturday, May 31, 2014
Following up on my previous posts on the new book by Thomas Piketty (Paris School of Economics), Capital in the Twenty-First Century (Harvard University Press, 2014):
Thomas Piketty (Paris School of Economics), Response to FT:
This is a response to the criticisms -- which I interpret as requests for additional information -- that were published in the Financial Times on May 23 2014. ...
I welcome all criticisms and I am very happy that this book contributes to stimulate a global debate about these important issues. My problem with the FT criticisms is twofold. First, I did not find the FT criticism particularly constructive. The FT suggests that I made mistakes and errors in my computations, which is simply wrong, as I show below. The corrections proposed by the FT to my series (and with which I disagree) are for the most part relatively minor, and do not affect the long run evolutions and my overall analysis, contrarily to what the FT suggests. Next, the FT corrections that are somewhat more important are based upon methodological choices that are quite debatable (to say the least). In particular, the FT simply chooses to ignore the Saez-Zucman 2014 study, which indicates a higher rise in top wealth shares in the United States during recent decades than what I report in my book (if anything, my book underestimates the rise in wealth inequality). Regarding Britain, the FT seems to put a lot of trust in self-reported wealth survey data that notoriously underestimates wealth inequality.
- Bloomberg, Piketty Issues 4,400-Word Defense of His Book on Inequality
- Commentary, Thomas Piketty and the Financial Times, by John Steele Gordon
- Econbrowser, Criticisms of Piketty, by Jim Hamilton
- The Economist, Picking Holes in Piketty
- Economist's View, 'Unpacking the First Fundamental Law', by James Galbrait
- Financial Times, Piketty Gives Detailed Response to FT Criticism
- Jason Furman, Global Lessons for Inclusive Growth
- The Guardian, Piketty, Chris Giles and Wealth Inequality: It's All About the Discontinuities
- The Guardian, Thomas Piketty Accuses Financial Times of Dishonest Criticism
- Per Krusell & Tony Smith, Is Piketty's "Second Law of Capitalism" Fundamental?
- New York Times, Everything You Need to Know About Thomas Piketty vs. The Financial Times, by Neil Irwin
- New York Times, Thomas Doubting Refuted, by Paul Krugman
- New York Times, Thomas Piketty Responds to Criticism of His Data, by Neil Irwin
- Newsweek, Thomas Piketty Says He Was Ambushed
- PBS News Hour, Will the Rich Always Get Richer?, by Laurence Kotlikoff
- Debraj Ray, Nit-Piketty: A Comment on Thomas Piketty’s Capital in the Twenty First Century
- Slate, Piketty: The Financial Times Is Full of Lies!, by Jacon Weissman