Understanding Piketty S Capital In The Twenty First Century

What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In this work the author analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings transform debate and set the agenda for the next generation of thought about wealth and inequality. He shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality--the tendency of returns on capital to exceed the rate of economic growth--today threatens to generate extreme inequalities that stir discontent and undermine democratic values if political action is not taken. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, the author says, and may do so again. This original work reorients our understanding of economic history and confronts us with sobering lessons for today.

Thomas Piketty’s Capital in the Twenty-First Century reached the top of most best-seller lists last year shortly after it was released. Nonetheless, few people actually read the book. Yet reviewers have agreed that the book is important because it touches on one of the major problems facing the US economy, the UK economy and many developed nations: rising income and wealth inequality. It also provides an explanation of the problem and a policy solution: a global wealth tax. This book is intended to do three things. First, it provides a summary of the argument of Piketty’s book, which many people have bought and few people have read. Second, it fills in some of the gaps in the book, by providing readers with the background that is needed to understand the volume and the argument. This background information discusses economic data sources, measures of inequality and why income inequality is such an important issue today. Finally, the work provides a defense of Piketty’s analysis and at times some criticism of his work. Pressman explains why the problem of rising inequality is important, where Piketty’s data comes from, and the strengths and weaknesses of that data. It defends Piketty’s inequality, r>g, as the reason inequality has risen over the past several decades in many developed nations. Using Piketty’s own data, this book argues that rising inequality is not just a characteristic of capitalism, but results from different growth rates for income and wealth, which can occur under any type of economic system. Understanding Piketty's Capital in the Twenty-First Century is the ideal introduction to one of the most important books of recent years for anyone interested in Piketty’s work and the inevitability of inequality.

The main driver of inequality—returns on capital that exceed the rate of economic growth—is again threatening to generate extreme discontent and undermine democratic values. Thomas Piketty’s findings in this ambitious, original, rigorous work will transform debate and set the agenda for the next generation of thought about wealth and inequality.

US Nobel Prize winner Paul Krugman described Thomas Piketty's Capital in the Twenty-First Century as "perhaps the most important book of the last decade". It has sparked major international debates, dominated bestseller lists and generated a level of enthusiasm-as well as intense criticism-in a way no other recent economic or sociological work has. Piketty has been described as a new Karl Marx and placed in the same league as the economist John Maynard Keynes. The 'rock star economist's' (Financial Times) underlying thesis: inequality under capitalism has reached dramatic proportions in the last few decades and continues to grow-and not by coincidence. Thus, a small elite becomes simultaneously richer and richer and more and more powerful. Given the sensational reception of the not-so-easily digested 800-page study that spans back to the eighteenth century, the question as to where the hype around Piketty's book comes from deserves to be asked. What is correct in it? What are the criticisms of it? And what should we make of it-both of the book itself and of the criticism it has received? This book lays out the argument of Piketty's monumental work in a compact and understandable format, while also investigating the controversies that this book has caused. In addition, the two authors demonstrate the limits, contradictions and errors of the so-called 'Piketty revolution'.

An introduction to Thomas Piketty’s monumental work US Nobel Prize–winner Paul Krugman described Thomas Piketty’s Capital in the Twenty-First Century as “perhaps the most important book of the last decade.” It has sparked major international debates, dominated bestseller lists and generated a level of enthusiasm—as well as intense criticism—in a way no other economic or sociological work has in a long time. Piketty has been described as a new Karl Marx and placed in the same league as the economist John Maynard Keynes. The “rock star economist’s” underlying thesis is that inequality under capitalism has reached dramatic levels in the last few decades and continues to grow—and that this is not by chance. A small elite is making itself richer and richer and acquiring everincreasing levels of power. Given the sensational reception of Piketty’s not-so-easily digested 800-page study, the question as to where the hype around the book comes from deserves to be asked. What does it get right? And what should we make of it—both of the book itself and of the criticism it has received? This introduction lays out the argument of Piketty’s monumental work in a compact and understandable format, while also investigating the controversies Piketty has stirred up. In addition, the two authors demonstrate the limits, contradictions and errors of the so-called Piketty revolution.

This volume builds upon the renewed interest in the long-run global development of wealth and inequality stimulated by Thomas Piketty. It brings together an international team of leading economic historians and economists to provide a comprehensive overview of the theory, practice, and policy of inequality and its place in the modern world order.

It can be hard for busy professionals to find the time to read the latest books. Stay up to date in a fraction of the time with this concise guide. Thomas Piketty’s 2013 book Capital in the Twenty-First Century was an immediately bestseller in the UK and US, and has been widely praised by both economists and the general public. Piketty provides a richly detailed account of the development of inequality in the Western world, and argues that economic inequality is an inherent feature of capitalism and can only be resolved by decisive action from governments. His powerful historical insights are backed by extensive data and analysis, thus offering a thorough critique of the modern capitalist system. Whatever your political and economic leanings, Piketty’s ideas are sure to provide plenty of food for thought. This book review and analysis is perfect for: • Anyone interested in the causes of wealth inequality in Europe and the USA • Anyone who wants to understand how this inequality can be overcome • Students of, or anyone interested in, modern politics and economics About 50MINUTES.COM | BOOK REVIEW The Book Review series from the 50Minutes collection is aimed at anyone who is looking to learn from experts in their field without spending hours reading endless pages of information. Our reviews present a concise summary of the main points of each book, as well as providing context, different perspectives and concrete examples to illustrate the key concepts.

A New York Times Bestseller An NPR Best Book of the Year The epic successor to one of the most important books of the century: at once a retelling of global history, a scathing critique of contemporary politics, and a bold proposal for a new and fairer economic system. Thomas Piketty’s bestselling Capital in the Twenty-First Century galvanized global debate about inequality. In this audacious follow-up, Piketty challenges us to revolutionize how we think about politics, ideology, and history. He exposes the ideas that have sustained inequality for the past millennium, reveals why the shallow politics of right and left are failing us today, and outlines the structure of a fairer economic system. Our economy, Piketty observes, is not a natural fact. Markets, profits, and capital are all historical constructs that depend on choices. Piketty explores the material and ideological interactions of conflicting social groups that have given us slavery, serfdom, colonialism, communism, and hypercapitalism, shaping the lives of billions. He concludes that the great driver of human progress over the centuries has been the struggle for equality and education and not, as often argued, the assertion of property rights or the pursuit of stability. The new era of extreme inequality that has derailed that progress since the 1980s, he shows, is partly a reaction against communism, but it is also the fruit of ignorance, intellectual specialization, and our drift toward the dead-end politics of identity. Once we understand this, we can begin to envision a more balanced approach to economics and politics. Piketty argues for a new “participatory” socialism, a system founded on an ideology of equality, social property, education, and the sharing of knowledge and power. Capital and Ideology is destined to be one of the indispensable books of our time, a work that will not only help us understand the world, but that will change it.