The Piketty Kerfuffle

Steve has alluded to the difficulty that now surrounds Thomas Piketty’s data analysis. This clip sets out the problem:

To be fair to Piketty this isn’t a ‘hide the decline’ type scandal – he isn’t refusing access to his data. While I haven’t finished reading the book, I’m underwhelmed by the argument and not convinced by his thesis. If the data problems turn out to be fatal I doubt I’ll be finishing the book. I wonder if I can get Amazon to refund my money?

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14 Responses to The Piketty Kerfuffle

  1. .

    Sinclair

    His thesis is nonsense. He is like an anti-relativity nutter.

    The idea that if profits grow quicker than GDP, this causes economic calamity, is utter bloody nonsense.

    He should be ignored by everyone.

  2. Sinclair, I think the lesson here is do not try and change the world on the basis of some clever analysis of data that no one in particular ha d ever heard of.

    When was the last time that people change their minds about an issue of substance on the basis of some novel data analysis?

    The 200,000 people had bought his book water to get affirmation and little else.

  3. JC

    Rose

    It’s a little concerning that even if the book is a fraud, as it increasingly appears to be, a large number of people bought it, which may indicate that leftist thought is on the ascendancy. May!

  4. Milton Von Smith

    Absolutely astonishing. What a complete fraud.

  5. Old School Conservative

    Why should inequality be an issue anyway? Surely the level of wealth of society’s poorest should be the main concern. If they are able to clothe, educate, feed and house themselves to a decent level then the top earners’ level of additional wealth is only of interest to aspirational members of society.

  6. Leo G

    What’s the difference if the author of Capital in the 21st Century isn’t pernickety? … Cret’n?

  7. Ant

    He is a communist.

    Why is the fact that he talks and writes horse shit a surpruse to anyone?

  8. Leo G

    “i” – Ant

    The “i”s have it then. Perfessor “Cherry” Piketty is a ponce.
    The left-leaners must be piqued. They thought his epic was perfectly picante. Turns out picaresque.

  9. wmmbb

    Sinclair,

    Why not offer your copy to a grad student – who will probably read it and have some capacity for a considered critique? I haven’t a clue whether the claim that return on investment from property ( the return of the rentiers) is higher than from innovation, or for that reason wealth is increasing now becoming concentrated, contrary to the post-depression and post-war periods of the mid-20th Century. I would not be surprised if that were the case. What does surprise is the apparent lack of relevant recent data. It is of interest that Dr Piketty uses French and British historical sources. The related historical and economic questions can surely be approached with dispassion and an objective concern for truth. I am holding you to a higher standard than most commentators here, including myself – and that goes without saying.

  10. Tel

    The idea that if profits grow quicker than GDP, this causes economic calamity, is utter bloody nonsense.

    I’m struggling to figure out how it can be possible for profits in aggregate to grow faster than GDP grows (ignoring short term fluctuations). That would imply some extra profit was going somewhere other than GDP right? But where?

    Of course one individual might turn a vastly better profit than the market average… that would easily be possible, but given a large enough sample of individuals, surely enough you can find some exceptionally successful and no doubt some failures.

  11. Sinclair Davidson

    Why not offer your copy to a grad student – who will probably read it and have some capacity for a considered critique?

    My copy is on kindle.

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