Thomas Piketty on Economic Inequality

"Every now and then, the field of economics produces an important book; this is one of them," writes Tyler Cowen in his Foreign Affairs review of Thomas Piketty's Capital in the Twenty-First Century. "Piketty's tome will put capitalist wealth back at the center of public debate, resurrect interest in the subject of wealth distribution, and revolutionize how people view the history of income inequality." But Cowen deems Piketty's main prescription, a proposal for the global taxation of wealth, "an unsatisfying conclusion to a groundbreaking work of analysis that is frequently brilliant -- but flawed, as well."

Justin Vogt, deputy managing editor of Foreign Affairs, recently sat down with Piketty to discuss his analysis of inequality and his controversial policy proposals.

[thguardian]

I know this is a years-old video but the word at around 7:27, rendered as "inaudible" in the subtitles, is "ancien". Prof. Piketty is describing the old monarchy of his native France.

[mondolfix]

Interesting proposal by Mr. Piketty. The question is who will have the gut to propose a such a substantial change in taxation in the US...

[tedmagnusson]

Aye, two questions..1) at what point of property and income does this progressive taxation begin to tap the wealthier, wealthiest, etc. and then 2) how responsibly will the government handle their additional income generated by such goings on?

[nikolakopo]

The warning signal by professor Thomas Piketty should be treated with the out most attention and priority in Europe as well as the rest of the world to avoid a new type of revolution in the coming 10 to 15 years! 

[thetawaves]

Is education really the answer to wealth inequality? What happens when everyone on the planet has a college degree? The value of the degree declines, not increases.

[hrvojerogic]

This is a man with the biggest gap between vocabulary and accent. Exceptional English vocabulary for a foreigner and at the same time awful accent.

[Cheedillow]

I wonder if someone could mathematically derive an optimal level of wealth inequality.

[PitufinaRadioactiva]

"u know, u know, u know, u know"  Thomas Piketty's

[banas]

Totally off-topic: are those coffee mugs for sale anywhere? They're very cool.

[thetawaves]

just one more argument against trickle down economics.

[outkid]

If we were to tax people on there net worth (i.e. debt to asset ratio), it could create a moral hazard in that people will try to over leverage themselves to evade taxes. This could pump up a bubble that made 2008 look paltry.  

[jack..]

I like Thomas pikkety because of his diagnosis of economic circumstances but his 'solutions' I strongly dislike they have poorer justifications

[Truthseeker]

Hefty inheritance tax will work. Tax also the earnings from the Tax Haven Offshore accounts that the rich have.

[MOMOTAROtheHERO]

To be or not to be, that's the question.

[kellykitkat]

Capital - machines which make machines ..
that has created economic differences between
certain parts of the world - the cold North ("we need
fire! And guns, for food and self-protection from the
Zombie hordes!") and the hot Tropics ("Eh mon,
another fish baked on the rocks?") ... Hence, the
need for creative exploration to satisfy, desires, led
to order being created out of chaos in countries
that seemed inhospitable for survival.
See TV show, The Vikings. Yet desires tend to lead
to other desires, "diverse lusts"... the Spice trade,
Silk, and Arabica coffee beans, et cetra...
Amongst Native American tribes, there was a
ceremony called, the Potluck, where competing
tribes, would burn their own canoes, furs, and
weapons (or tools) to demonstrate strength,
only to have to recreate all that wealth, the next
year. Maybe this was done to ensure full employment?
The most prestigious tribes were the ones who
destroyed (sacrificed) the most - according to
Euro-centric historians. The point being, Thought
Energy can be wasted, or focused to achieve spectacular
results - a thermonuclear explosion, and the proliferation
of the automobile (made possible because of the invention
of the internal combustion engine), being prime examples.
But what mankind does with the tools, and accumulated
capital, or ought to do, is a question that requires more
Thought Energy, or perhaps a Creative Force beyond
man's comprehension, to offer him, guidance?

.. A Verse :

For as the heavens are higher than the earth,
so are my ways higher than your ways,
and my thoughts than your thoughts.
- Isaiah 55:9, kjv.

[dosomething]

The more I listen - the less I understand. What is his thesis?

[tsinasky]

Professor don't say things like that when tea party and their alikes all around the world try to impose their own austerity agenda. 

[DillonDiplomata]

Karl Marx reincarnated in version 2.0, but now he is a Frenchman and he has a very heavy French accent.