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.
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. A recording will soon be available 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, laureate of the 1987 Nobel Prize in economics, has a review essay on the book in TNR (April 22nd), in which he says that “Thomas Piketty Is Right.”