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July 29, 2014

"Piketty’s Can Opener"

Jim Manzi:

In summary, Piketty has weak evidence to support his theory for why CEO pay has increased in America. What evidence he has covers only CEOs of public companies, and hence about 3 percent of the top 0.1 percent. His whole model, even if correct and extended beyond what is supported by the evidence could only apply to about one-fourth of the top 0.1 percent. And this very group that he claims is responsible for driving income inequality in America is collapsing as a share of the top 0.1 percent.

Piketty’s explanation for rising inequality in America plays to many people’s predispositions, but he has no real evidence that it’s true. Therefore accepting the predictions he makes for the effect of his policies would be incredibly dangerous.

Ouch.

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