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”.
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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!