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Tuesday, May 20, 2014

A Common Sense Economic Observation

By Common Sense

This article pertains to Thomas Picketty's new book Capitalism in the 21st Century.

In having read the back and forth in the financial press, Picketty's book has added to the current political discussion on income inequality by arguing that income inequality is at its most extreme in this country in over 100 years as the divergence in wealth holding is something that has been unseen in this country since the days of the Robber Barrons and the Progressive era of 1895 - 1915.

Piketty argues that in capitalist countries,

the return to wealth (r) tends to exceed the rate of growth (g) of the economy. In the most basic sense, this improbably famous “r > g” tendency means that the share of national income workers receive as compensation (“labor income”) falls and the share of income going to owners of wealth (“capital income”) rises. Because capital income is less equally distributed than labor income, these dynamics will increase the share of income received by the top 1 percent. Finally, if the wealthy reinvest most of their returns, wealth inequality will also rise. It’s a triple-whammy.

http://www.nationalreview.com/...