Economics has a best seller. Thomas Piketty’s, “Capital in the 21st Century”. I couldn’t get a copy locally (the book is not available even at Amazon.com such is the demand) but have read a few reviews and watched a video where Piketty presents his ideas that are then analyzed by Paul Krugman, Joseph Stiglitz and Stephen Durlauf.
One can see this book becoming part of an intellectual fashion. The core thesis – that inequality is exploding, is non-new but the claim that this reflects trends in inherited wealth and “patrimonial capitalism” is distinctive. Several commentators have recognized the role of the book in synthesizing various contributions. Several too have simply acknowledged the skills of the translation from French into English.
The video is:
This is pretty good – particularly the statement by Piketty. I thought Krugman and Stiglitz lacked the time to deal with the book properly. Durlauf has some criticisms including a plea for more work on the ethics of redistribution. I agree there is much that can be done here.
Piketty presents the main idea of his book here:
The most useful descriptive book review I found is by Bob Solow in New Republic:
James K. Galbraith also provides a strong review with a critique of policy conclusions at Dissent:
A short summary of the book by Justin Fox is at the HBR blog:
A very brief review of Piketty by Paul Krugman in the NYT:
I thought a feeble (and very brief) review of Piketty was provided by Greg Mankiw who questions whether government has any redistributive role at all. This is feeble in the sense that itv involves a critique of any proposal to improve equity using policy.
Will Hutton provides a brief Guardian review:
Geoffrey Hodgson does the same at the Conversation:
A surprisingly useful set of perspectives by Thomas Palley:
Review in “Foreign Affairs” by Tyler Cohen
Discussion between Justin Vogt and Piketty:
Reading “Capital” in The Economist:
And one more critical piece from The economist:
Finally Piketty is making general criticisms of the divorce of much economic theorizing from evidence. Here is a review in Slate:
I’ll update with more material as it comes to hand. In the meantime I wait until my ordered copy of the book arrives from Amazon.