The Piketty Panic

More on the spread of the Piketty book.. it probably comes at a good time..
and while being an economics book, it gives a clear picture of society and what happens as wealth is concentrated..

Growing fortunes do not happen in a vacuum…

and these are dynamics of politics and societies as much as of economics.

http://www.nytimes.com/2014/04/25/opinion/krugman-the-piketty-panic.html

“Capital in the Twenty-First Century,” the new book by the French economist Thomas Piketty, is a bona fide phenomenon. Other books on economics have been best sellers, but Mr. Piketty’s contribution is serious, discourse-changing scholarship in a way most best sellers aren’t. And conservatives are terrified. Thus James Pethokoukis of the American Enterprise Institute warns in National Review that Mr. Piketty’s work must be refuted, because otherwise it “will spread among the clerisy and reshape the political economic landscape on which all future policy battles will be waged.” (..)

No, what’s really new about “Capital” is the way it demolishes that most cherished of conservative myths, the insistence that we’re living in a meritocracy in which great wealth is earned and deserved (..)

But how do you make that defense if the rich derive much of their income not from the work they do but from the assets they own? And what if great wealth comes increasingly not from enterprise but from inheritance?

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