He has not only been feted recently by White House advisers. He is all the rage at the Council on Foreign Relations, the International Monetary Fund, and the United Nations as well.
This 42-year old economist from French academe has written a hot new book: Capital in the Twenty-First Century. A recent review describes him as the man “who exposed capitalism’s fatal flaw.”
So what is this flaw? Supposedly under capitalism, the rich get steadily richer in relation to everyone else; inequality gets worse and worse. It is all baked into the cake, unavoidable.
To support this, Piketty offers some dubious and unsupported financial logic, but also what he calls ” a spectacular graph” of historical data. What does the graph actually show?
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Hunter Lewis is co-founder of AgainstCronyCapitalism.org, co-founder and former CEO of Cambridge Associates, a global investment firm, and author of two recent books, Free Prices Now!, about the Federal Reserve, and Crony Capitalism in America 2008-12.