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Desc:French economist explains to Joseph Stiglitz, Paul Krugman why you, the viewer, will always be poor.
Category:Business, News & Politics
Tags:economics, oligarchy, Capital, Thomas Piketty
Submitted:deadpan
Date:04/25/14
Views:817
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Comment count is 6
Mr. Purple Cat Esq.
This is excellent.
Economics is often such a shoddy field where the influence of corporations and politicians on what is being taught in universities is great. This causes a terrible feedback loop where the policy makers of tomorrow are being taught, not anything incisive or objective, but rather whatever claptrap it is in the interests of todays elite for them to learn.

Very refeshing to see a group of recognized economists making sense.
PegLegPete
This is really weird because I was reading reviews about the book yesterday. Yeah, apparently capital has a higher rate of return than the growth rate of national income. There's a long but great review of the book by an "A.J. Sutter" on Amazon.

One of the gripes from some reviewers is that Piketty didn't write about the environment, or different types of growth (qualitative instead of quantitative). People are also wishing he'd talk about - as you can see in the youtube comments - ownership/risk sharing among workers.

Not really a reply I guess. But my advice is to marry a rich baroness.

Mr. Purple Cat Esq.
Yeah, from his talk it sounded like Piketty doesn't know much about the state of the environment / food production etc. His offhand comments about future population growth (like the US reaching 900 million) were a bit absurd.

ashtar.
It's interesting how little our political discourse has to do with what we know about economics, even taking more right-wing economists into account. "Mainstream" positions taken by a politician about economic issues would often be lunatic fringe positions if they were spoken by an economist.

Thanks for posting this, deadpan.

Mr. Purple Cat Esq.
@astar, yes I believe you could extend that statement to almost all knowledge: science, the environment, psychology etc etc.
Unfortunately it seems that politicians and the electorate are for the most part just woefully ignorant.

Essentially your average misinformed, hopelessly ignorant, tabloid reading voter is not going to vote for some "know it all" more enlightened person.

Mr. Purple Cat Esq.
Also one thing thats never mentioned is the inequality between affluent countries and poor ones. I would imagine that this inequality is even more extreme and also a larger problem. For example the lower classes in affluent countries are usually not *starving*

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