The world’s fascination with Thomas Piketty and his book Capital in the Twenty-First Century is not abating. In the Bloomberg TV video today, Piketty Says FT Made a Fool of Itself Over His Book (video embedded below), we see that the “analysis” by the FT and Piketty’s aggressive response keeps this story cycle spinning and book sales moving along briskly. This is probably the most popular economics book in generations and perhaps the most popular book of any genre now, according to the Bloomberg Anchor. As they say in Hollywood, this story has legs.
Where do I stand on the Piketty debate? I agree with this assessment by Peter Schiff: “There can be little doubt that Thomas Piketty’s new book, Capital in the 21st Century, has struck a nerve globally. What is surprising, however, is that the absurd ideas contained in the book could captivate so many supposedly intelligent people.” If you want a thorough analysis, read Peter’s excellent article in Advisor Perspectives: Piketty’s Envy Problem.