Thursday, March 27, 2014

Ian Welsh — The Age of the Obvious: Thomas Piketty’s Capital

But Piketty’s book is still important, because it proves the obvious beyond a reasonable doubt. In this it is similiar to the mountain of evidence of climate change. We can now say that climate change is happening and anyone who denies it is a fool. Likewise we can now say that allowing returns on unearned wealth to be higher than labor income, in a capitalist economy, leads to high inequality and doesn’t improve the economy. We should have known that already; we did know it already; now it has been proved to the point where we can say anyone who denies it is a fool.
Ian Welsh
The Age of the Obvious: Thomas Piketty’s Capital


2 comments:

Peter Pan said...

As long as the fools are in power, it is business as usual. That should be obvious to everyone as well.

Peter Pan said...

I recommend reading the link posted by Charles A.