Piketty’s Capital in the Twenty-First Century is that rare phenomenon, an economics tome that flies off the shelves.
” . . . . .
The gist of Piketty’s book is simple. Returns to capital are rising faster than economies are growing. The wealthy are getting wealthier while everybody else is struggling. Inequality will widen to the point where it becomes unsustainable – both politically and economically – unless action is taken to redistribute income and wealth. Piketty favours a graduated wealth tax and 80% income tax for those on the highest salaries.
Lord (Adair) Turner, the former chairman of the Financial Services Authority, says Capital is “a remarkable piece of work”. Turner, who has name-checked Piketty in his recent lectures, added: “He is saying that we have a set of tendencies at work to which the offset has to be a degree of redistribution. I completely agree with him.”
Krugman, writing in the New York Review of Books, says Piketty’s work will “change both the way we think about society and the way we do economics”.
. . . . “
Why was Henry George not successful?
Here you may find some interesting answers from a book written by
“Neoclassical economics is the idiom of most economic discourse
today. It is the paradigm that bends the twigs of young minds. Then
it confines the florescence of older ones, like chicken-wire shaping
a topiary. It took form about a hundred years ago, when Henry George and
his reform proposals were a clear and present political danger and challenge
to the landed and intellectual establishments of the world. Few people
realize to what degree the founders ofNeo-classical economics changed the
discipline for the express purpose of deflecting George and frustrating
future students seeking to follow his arguments. The strategem was
semantic: to destroy the very words in which he expressed himself. Simon
Patten expounded it succinctly. “Nothing pleases a …single taxer better
than … to use the well-known economic theories … [therefore] economic
doctrine must be recast” (Patten, 1908: 219; Collier, 1979: 270).’
George believed economists were recasting the discipline to refute him.
He states so, as though in the third person, in his posthumously published
book, The Science ofPoliticalEconomy(George, 1898:200-209). George’s
self-importance was immodest, it is true. However, immodesty may be
objectivity, as many great talents from Frank Lloyd Wright to Muhammed
Ali and Frank Sinatra have displayed. George had good reasons, which we
are to demonstrate. George’s view may even strike some as paranoid. That
was this writer’s first impression, many years ago. I have changed my view,
however, after learning more about the period, the literature, and later
To read on please follow this link:
I am very interested in finding out why there is so much resistance to applying the ideas that Henry George promoted in the 19th century.
The above publication seems to be giving some interesting links.
On the 10th of April 2014 I wrote the following in my blog:
You may have noticed that I googled a lot these past few days. It all had to do with where past civilisations and our civilisation are headed for.
The unequal distribution of wealth and privilege is examined. Progress as well as poverty, how can this be? THIS IS THE QUESTION.
In 1979 Agnes George de Mille, the granddaughter of Henry George, published this:
I found the above when I googled ‘Henry George‘. There are many more links to Henry George in Google!
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Today we were invited to a Christmas luncheon in Sydney. There was some lovely food and drinks. And good conversation with a lot of people. Here are some pictures of some of the people that we have known for many years.
There were salads and lots of prawns to eat and lovely sweets for desert. I did not think of taking pictures when the lunch started, but I took some photos towards the end.
We took a train back to Dapto. Peter suggested we could go for dinner the the German Club where perhaps they might have some meat rolls. He was lucky, they did have meat rolls with red cabbage and dumplings. I chose a deep fried Camenbert Cheese which was very tasty. Peter loved his meal very much too.
The hostage crisis started on Monday, the 15th December and went on for 17 hours. All week there was a constant stream of people with flowers and expressions of sympathy. Today on Sunday more and more people came to Martin Place to pray and lay flowers. We experienced a very peaceful atmosphere. And we had the feeling that people took everything very much to heart.
Soon it is going to be the fourth of Advent. A dear friend gave me this blue runner on the table just a few weeks ago and her daughter Amanda gave us some cute little puppets with Christmas cards a few years ago. These things came in a little bag which I kept for all these years with our Christmas things. I always loved these gifts and today I thought all this would make a good subject for Advent to take some pictures of!