{"id":17185,"date":"2014-05-23T15:19:18","date_gmt":"2014-05-23T19:19:18","guid":{"rendered":"http:\/\/ssgreenberg.name\/PoliticsBlog\/?p=17185"},"modified":"2014-05-23T15:19:18","modified_gmt":"2014-05-23T19:19:18","slug":"is-the-piketty-enthusiasm-bubble-subsiding","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2014\/05\/23\/is-the-piketty-enthusiasm-bubble-subsiding\/","title":{"rendered":"Is the Piketty Enthusiasm Bubble Subsiding?"},"content":{"rendered":"<p><em>Naked Capitalism<\/em> has the post <a title=\"Naked Capitalism post\" href=\"http:\/\/www.nakedcapitalism.com\/2014\/05\/piketty-enthusiasm-bubble-subsiding.html\" target=\"_blank\">Is the Piketty Enthusiasm Bubble Subsiding?<\/a> by Yves Smith. Yves has a lot of positive things to say about the book.\u00a0 I think the following excerpt from her post is a good summary of what is troubling some critics of the Piketty book.<\/p>\n<blockquote><p>But as Taylor has pointed out in some technical detail, and others have alluded to, there are many reasons other than the invisible hand for r to remain high. Much of this can involve market failure, which Piketty explicitly rejects. See page 424 if you don\u2019t believe me. R greater than g has nothing to do with market imperfections.<\/p>\n<p>James Galbraith opened his review noting that capital meant power. If Piketty\u2019s empirical analyses are right, and r has been persistently high, I\u2019d suggest it reflects the power of the rich, not the natural forces of a free market economy. Higher taxes would help stymie the rich, but so would financial regulations, anti-trust campaigns, and public financing of politics that could minimize their power and privilege.<\/p><\/blockquote>\n<p>I&#8217;d like to read Piketty&#8217;s book with an open mind, but not an empty one.\u00a0 That is why I wanted to make note of the criticisms.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Naked Capitalism has the post Is the Piketty Enthusiasm Bubble Subsiding? by Yves Smith. Yves has a lot of positive things to say about the book.\u00a0 I think the following excerpt from her post is a good summary of what is troubling some critics of the Piketty book. But as Taylor has pointed out in [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[166],"tags":[],"class_list":{"0":"post-17185","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-stevegsposts","7":"czr-hentry"},"_links":{"self":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/17185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/comments?post=17185"}],"version-history":[{"count":1,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/17185\/revisions"}],"predecessor-version":[{"id":17186,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/17185\/revisions\/17186"}],"wp:attachment":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/media?parent=17185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/categories?post=17185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/tags?post=17185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}