That’s what political scientists Jacob Hacker & Paul Pierson call him in a TAP forum, “Piketty’s Triumph,” on the publication this month of his Capital in the Twenty-First Century (Harvard University Press), which has been taking the US by storm. It’s really something the gushing attention that’s being showered by the American chattering class on a 700-page book by a left-wing French economist—who could write his own ticket in American academia but prefers life in Paris—and the English version of which is a translation from French. I’ve been familiar with Thomas Piketty’s work and perspectives for a while, as he has been writing for and speaking to the larger public on economic issues since early in the last decade—he had a regular economics column in Libération for several years, entre autres—, and was an economic adviser to successive Socialist party presidential candidates. I haven’t yet read his latest book; I’d normally get a copy here in V.O.—it was published last September by Editions du Seuil—but as the English one was translated by my blogging confrère Arthur Goldhammer—and who no doubt improved on the original French version—, that’s what I’ll read.
Even if I had read the book, though, I wouldn’t offer a review of it, as there are countless others more competent to do that than I. Here are links to good stuff I’ve read (or watched) of late on Piketty’s magnum opus:
One of the best is Emily Eakin’s April 17th article in The Chronicle Review, “Capital Man.” The lede: Thomas Piketty is economics’ biggest sensation. He’s also the field’s fiercest critic.
Paul Krugman—who’s been singing Piketty’s praises on his NYT blog—has a review essay on the book in the NYRB (issue dated May 8th), “Why We’re in a New Gilded Age.”
Bill Moyers, on his TV show Moyers & Company, had a great 20-minute interview last night with Krugman on Piketty’s book, “What the 1% Don’t Want You to Know.” Make sure to watch this one.
On Tuesday the Tax Policy Center—of the Urban Institute and Brookings Institution—had an hour-and-a-half forum, at the Urban Institute in Washington, on Piketty’s book, with Piketty presenting his argument and then commentary by Dean Baker of the Center for Economic and Policy Research (liberal-left) and Kevin Hassett (co-author of the 1999 best-seller Dow 36,000) of the American Enterprise Institute (conservative). A good, highbrow debate. Watch it here.
On Wednesday the CUNY Graduate Center hosted an event on the book, with Piketty, Krugman, Joseph Stiglitz, and Steven Durlauf, and moderated by Janet Gornick and Branko Milanović. I wish I could have attended that one. It may be seen on the Graduate Center’s YouTube channel.
For those who can follow French, here’s Piketty debating Emmanuel Todd last September 6th on France 2’s Ce soir ou jamais, on the occasion of the book’s V.O. publication.
The New Republic’s Marc Tracy has a piece (April 17th), “The Economist Was a Rock Star.” The lede: Thomas Piketty isn’t just a brilliant economist; he’s a fantastic storyteller.
À propos, see the dispatch in yesterday’s NYT, “Economist Receives Rock Star Treatment.”
In The Observer (April 13th) is a commentary by Andrew Hussey entitled “Occupy was right: capitalism has failed the world.” The lede: One of the slogans of the 2011 Occupy protests was ‘capitalism isn’t working’. Now, in an epic, groundbreaking new book, French economist Thomas Piketty explains why they’re right.
For a critique of Piketty’s book from the left, see economist James K. Galbraith’s “Kapital for the Twenty-First Century?” in the Spring issue of Dissent. Entre autres, Galbraith sniffs that Piketty’s policy views “reveal him to be neither radical nor neoliberal, nor even distinctively European. Despite having made some disparaging remarks early on about the savagery of the United States, it turns out that Thomas Piketty is a garden-variety social welfare democrat in the mold, largely, of the American New Deal.”
See also Dean Baker’s critique, “Capital in the 21 Century: Still Mired in the 19th,” on the Huff Post Business blog (March 9th).
For a slew of other reviews of Piketty’s book (by e.g. Brad DeLong, Doug Henwood, John Cassidy…), go to this post on the CEPR website.
I had a blog post three years ago in which I made reference to a book Piketty co-authored (with Camille Landais and Emmanuel Saez) that detailed a progressive proposal on how to reform the (impossibly complex and perverse) French tax code. Among the intended recipients of the plan were PS presidential candidates, who would be in a position to take it up in the event one of them were elected in 2012. So has François Hollande adopted the Piketty et al plan as his own? Yeah, sure.
UPDATE: Columbia University Ph.D. student Timothy Shenk has a lengthy essay in The Nation (May 5th issue), “Thomas Piketty and Millennial Marxists on the Scourge of Inequality.” The lede: Capitalism’s new critics take on an economics run amok.
2nd UPDATE: Scott Winship of the Manhattan Institute for Policy Research (conservative)—who asked the final question in the Tax Policy Center forum linked to above—has a critique of Piketty in Forbes (April 17th), “Whither The Bottom 90 Percent, Thomas Piketty?” He thus begins: “While not quite inducing Beatlemania, French economist Thomas Piketty’s visit this week to America has inspired the Washington analog of teenage frenzy.” This looks to be the first in a series of pieces Winship will be publishing in Forbes on Piketty’s book.
3rd UPDATE: Robert Solow, 1987 Nobel Prize in economics laureate, has a review essay on the book in TNR (April 22nd), in which he says that “Thomas Piketty Is Right.”
4th UPDATE: Piketty’s book is presently Amazon.com’s nº1 best-seller. Amazing. À propos, Rana Foroohar, a Time magazine editor of economics and business, explains why “this best-selling book is freaking out the super-wealthy.” (April 23rd)
5th UPDATE: Libertarian economist Tyler Cowen, who teaches at George Mason University—a well-known repaire of public choice theorists—, has a review of Piketty’s book in Foreign Affairs (May-June issue), “Capital Punishment: Why a Global Tax on Wealth Won’t End Inequality.”
6th UPDATE: TNR’s Marc Tracy has a piece (April 24th) on “Piketty’s ‘Capital': A Hit That Was, Wasn’t, Then Was Again.” The lede: How the French tome has rocked the tiny Harvard University Press.
7th UPDATE: U.Va. political scientist Deborah Boucoyannis has a post on The Monkey Cage blog (April 22nd) arguing that “Adam Smith is not the antidote to Thomas Piketty.”
8th UPDATE: UC-Berkeley’s Brad DeLong, writing on The Equitablog (April 23rd), offers his take on Piketty’s book. His conclusion: “To sum up: a very good book, a very, as Solow says, serious book. It has certainly moved me from thinking that the odds that two generations hence we will have a much more unequal and plutocratic society were 2-1 against to thinking that they are 3-1 for…”
9th UPDATE: Here’s Martin Wolf’s review of the book in the FT (April 15th), which I missed. Voilà Wolf’s conclusion: “For me the most convincing argument against the ongoing rise in economic inequality is that it is incompatible with true equality as citizens. If, as the ancient Athenians believed, participation in public life is a fundamental aspect of human self-realisation, huge inequalities cannot but destroy it. In a society dominated by wealth, money will buy power. Inequality cannot be eliminated. It is inevitable and to a degree even desirable. But, as the Greeks argued, there needs to be moderation in all things. We are not seeing moderate rises in inequality. We should take notice.” Amen.
10th UPDATE: Duke University law and political theory prof Jedediah Purdy has a review essay of Piketty’s book in the Los Angeles Review of Books (April 24th), “To Have and Have Not.”
11th UPDATE: Paul Krugman’s column in the April 25th NYT focuses on “The Piketty Panic” on the American right.
12th UPDATE: Ross Douthat, a columnist I normally don’t bother reading, has a post (April 25th) on his NYT blog that attracted my attention on account of the title, “Piketty and the petits rentiers,” and in which he makes some valid points.
13th UPDATE: Tim Fernholz, who writes on politics and economics for Quartz—”a digitally native news outlet, born in 2012, for business people in the new global economy”—, has a piece (March 30th) on “Everything wrong with capitalism, as explained by Balzac, ‘House’ and ‘The Aristocats’,” in which he meditates on the dilemma of Rastignac as spelled out in Piketty’s book.
14th UPDATE: Martin Wolf’s latest FT column (April 25th), taking up “the rising tide of anxiety” in reaction to Piketty’s book, argues that “A more equal society will not hinder growth.” The lede: Inequality damages the economy and efforts to remedy it are, on the whole, not harmful. Wolf informs the reader that, two months ago, “the staff of the International Monetary Fund…in a note entitled Redistribution, Inequality and Growth…came to clear conclusions: societies that start off more unequal tend to redistribute more; lower net inequality (post-interventions) drives faster and more durable growth; and redistribution is generally benign in its impact on growth, with negative effects only when taken to extremes.” Further down Wolf writes that “It is not only possible, but valuable, to marry open and dynamic market economies to the sense of shared purpose and achievement brought by tolerable degrees of inequality. Moreover, less inequality is likely to make economies work better by increasing the ability of the entire population to participate, on more equal terms. An important condition for this, in turn, is that politics not be unduly beholden to wealth.” Couldn’t have said it better myself.
15th UPDATE: Financial journalist and blogger Felix Salmon has a post on the Reuters blog (April 25th), “The Piketty pessimist,” in which, entre autres, he links to Chrystia Freeland’s April 20th review in Politico, “The book every plutocrat should read: Thomas Piketty’s new tome just might save the super-rich from themselves,” and former World Bank economist Branko Milanović’s 20-page “The return of ‘patrimonial capitalism': review of Thomas Piketty’s Capital in the 21st century,” from last October.
16th UPDATE: Arthur Goldhammer, writing in The Daily Beast (April 26th), incisively explains how right-wing columnist James Poulos “gets Piketty–and Tocqueville–wrong.”
17th UPDATE: Garett Jones, who teaches econ at George Mason U., has a critique of Piketty (April 26th), “Living with Inequality,” on the Über-libertarian website Reason.com. The lede: Has Thomas Piketty really found “the central contradiction of capitalism”?
18th UPDATE: Here’s yet another argument for Piketty’s global wealth tax.
19th UPDATE: The NYT’s David Leonhardt writes in the NYT Magazine (May 2nd) that “Inequality has been going on forever…but that doesn’t mean it’s inevitable.” He says that “For all of the clarity of Piketty’s historical analysis, I emerged from the book not quite grasping the mechanics of rising inequality. What is it about market economies that typically cause the assets and incomes of the rich to rise more rapidly than those of everyone else? So I called Piketty at his office in Paris, and he agreed to walk me through it.” And Piketty does.
20th UPDATE: TNR’s Isaac Chotiner has an “Interview with the left’s rock star economist” (May 5th), in which the economist in question, Thomas Piketty, says “I don’t care for Marx.” Dis donc. At the end of the interview is a 42-minute video discussion with Piketty in Huffington Post Politics, led by Ryan Grim and former Wall Street banker Alexis Goldstein.
21st UPDATE: TNR’s John B. Judis follows up from Chotiner’s Piketty interview with a piece (May 6th) informing the reader that “Thomas Piketty Is Pulling Your Leg.” The lede: He clearly read Karl Marx. But don’t call him a Marxist.
22nd UPDATE: Mike Konczal, who blogs at Rortybomb, has a review essay (April 29th) in the Boston Review on “Studying the Rich: Thomas Piketty and his Critics.”
23rd UPDATE: Writing in the NYT’s The Upshot blog (May 9th), Jared Bernstein of the Center on Budget and Policy Priorities examines a conservative/libertarian critique of Piketty, concluding that “Piketty’s Arguments Still Hold Up, After Taxes.”
24th UPDATE: Salon.com columnist Thomas Frank—of What’s the Matter with Kansas? fame—has a piece (May 11th) explaining “The problem with Thomas Piketty: ‘Capital’ destroys right-wing lies, but there’s one solution it forgets.” The lede: After “Capital,” we’ll never talk income inequality or meritocratic myths the same way. But we must talk unions.
25th UPDATE: Economists Odran Bonnet, Pierre-Henri Bono, Guillaume Chapelle and Etienne Wasmer—affiliated with Sciences Po-Paris’s Laboratoire interdisciplinaire d’évaluation des politiques publiques (LIEPP)—published a working paper on April 17th (in French and with English translation), “Does housing capital contribute to inequality? A comment on Thomas Piketty’s Capital in the 21st Century,” in which they contradict Piketty’s thesis. The paper was mentioned in a post (April 29th) on the NYT’s The Upshot blog by libertarian economists Tyler Cowen and Veronique de Rugy, “Why Piketty’s Book Is a Bigger Deal in America Than in France.”
26th UPDATE: Thomas B. Edsall has a column (May 14th) in the NYT on “Thomas Piketty and His Critics.” Among the critics he mentions—and whose reviews he links to—are Kenneth Rogoff and Clive Crook.
27th UPDATE: The Spring 2014 issue of Democracy: A Journal of Ideas has a review of Piketty’s book by Lawrence Summers, “The Inequality Puzzle.” The lede: Thomas Piketty’s tour de force analysis doesn’t get everything right, but it’s certainly gotten us pondering the right questions.
28th UPDATE: Dani Rodrik, writing in Social Europe Journal (May 16th), weighs in on “Piketty and the Zeitgeist.” Money quote: “Perhaps more than the argument itself, what makes Capital in the Twenty-First Century a great read is the sense of witnessing a superb mind grapple with the big questions of our time. Piketty’s emphasis on the political nature of the distribution of income; his subtle back-and-forth between the general laws of capitalism and the role played by contingency; and his willingness to offer bold (if, to many, impractical) remedies to save capitalism from itself are as refreshing as they are rare for an economist.”
29th UPDATE: Jeff Madrick, writing on the Triple Crisis blog (May 20th), asks “Is the Piketty enthusiasm bubble subsiding?“
30th UPDATE: Uh oh, the FT reports (May 23rd) that the “Piketty findings [are] undercut by errors.”
31st UPDATE: Paul Krugman has a post (May 24th) on his NYT blog on the “[g]reat buzz in the blogosphere over Chris Giles’s [FT] attack on Thomas Piketty’s Capital in the 21st Century,” in which he asks “Is Piketty all wrong?” The short answer: a little bit but not really. In the post, Krugman links to two posts on the NYT’s The Upshot blog that also take on Chris Giles’s attack, one by University of Michigan economist Justin Wolfers, who says that the “new critique of Piketty has its own shortcomings,” the other by Neil Irwin, who asks “Did Thomas Piketty get his math wrong?“
32nd UPDATE: The Economist’s Free Exchange blog has a post (May 24th) on the Piketty data error brouhaha, asking is there “A Piketty problem?” The short answer: Insofar as there is one it does not “support many of the allegations made by the FT, or the conclusion that the book’s argument is wrong.” The Huffington Post’s Ryan Grim informs us that “The economists FT relied on for its Thomas Piketty takedown don’t buy it” (May 27th). And Channel 4 News economics editor Paul Mason writes in The Guardian that “Thomas Piketty’s real challenge was to the FT’s Rolex types.” The lede: If the FT’s attack on the radical economist’s ‘rising inequality’ thesis is right, then all the gross designer bling in its How To Spend It section can be morally justified.
33rd UPDATE: More pushback against the Chris Giles FT attack. Mike Konczal at Rortybomb says “The FT Gets Piketty’s Capital Argument Wrong” (May 24th).
Read Full Post »