You can find his response here (link).
I believe that the data that we have is sufficient to reach these conclusions, but that itis insufficient to go much beyond that. In particular, our ability to measure the mostrecent trends in wealth inequality is limited, partly due to the huge rise incross borderfinancial assets and offshore wealth. According to Forbes-type wealth rankings, thevery top of the world wealth distribution has been rising about three times faster thanaverage wealth at the global level over the 1987-2013 period.
Take a look at his response. It is very measured and quantifiable. In the year since he published his book in English, have the criticisms of the extent of wealth inequality waned?
He is very specific, I have to imagine he isn't "making up" data in any way. I appreciate his welcomeness in criticism; it makes it seem that he has nothing to hide in his interpretation or creation of the data. I also like how he acknowledges "For the time being, we have to work with what we have..." and he literally goes point by point for all criticisms. He admits that his data is sufficient for the conclusions reached but insufficient for anything further. Obviously this criticism and response will be more well understood after reading his chapter 10; now we know what we are getting into, though! Following some understanding on debates, hearing Piketty's responses, it's good to have a full view of the proposal and his argument. I'm still in agreeance with Piketty, maybe not as extreme but I still agree in concept. I can't remember who said it yesterday but I would be interested in seeing the proposals from someone that are between the two extreme views and leaning towards Piketty's. Someone suggested Krugman I think?
ReplyDeleteLike Cam says I think it is great that Piketty is so open to criticism and like we discussed in class, this book is the first of its kind and there is no way that the information is complete. I think it is important for economists to continue to critique the data and work to make it more complete.
ReplyDeleteI also agree that Piketty has done a great job with available data, and appreciates that he welcomes criticism. Hopefully this will generate a lot more attention on the subject, and we'll be able to see inequality in many different perspectives.
ReplyDeleteI agree with Taylor, I think this book should push other economists to research this topic so we can come up with more complete data. I also think Piketty has done a good job in advocating for transparency from the super rich. The information that many elite members in society hide is essential to having a solid argument for: wealth and income inequality in the US and other developed nations is increasing.
ReplyDeleteI have to agree with everyone else above that it is great that Piketty is so open to criticism because although his numbers are not made up, the bigger idea he wants is to start a discussion about inequality and how we can fix the problem. Whether people agree with him or not the point he is trying to make is trying to get people talking about this issue and spark discussion on what our country should do to fix our inequality problem.
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