Piketty’s Critique of Capitalism

Thomas Piketty has caused a stir with his predictions about increasing inequality and private and inherited wealth growing at higher rates than incomes. This essay discusses the assumptions behind Piketty’s projections, which are far less certain than Piketty often implies. As this essay will show, even if private fortunes should continue to grow as predicted, Piketty is still unable to substantiate his “grand narrative” about the postulated threats to democracy. Furthermore, this essay will show that Piketty’s calls for steep increases in taxes on income and capital would have adverse economic effects – not only for savers, but wage earners as well. Like Piketty’s “Capital in the 21st Century,” this essay aims to be accessible to the general public.

Otto Piketty Essay

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