What are teh 1% so scared of? | “The Piketty Panic”

Paul Krugman of teh #NYTimes has written an excellent Op Ed piece that should interest all of us. Especially those not among teh 1% Oligarchs that own most of teh worlds riKrugman_New-thumbLargeches. Krugman starts by calling the writer of a book a phenomenon.

““Capital in the Twenty-First Century,” the new book by the French economist Thomas Piketty, is a bona fide phenomenon. “

Why is this and why is teh only comment from teh super rich that Mr. Piketty must be a Marxist
Krugman continues:  “Other books on economics have been best sellers, but Mr. Piketty’s contribution is serious, discourse-changing scholarship in a way most best sellers aren’t. And conservatives are terrified. Thus James Pethokoukis of the American Enterprise Institute warns in National Review that Mr. Piketty’s work must be refuted, because otherwise it “will spread among the clerisy and reshape the political economic landscape on which all future policy battles will be waged.”

Well, good luck with that. The really striking thing about the debate so far is that the right seems unable to mount any kind of substantive counterattack to Mr. Piketty’s thesis. Instead, the response has been all about name-calling — in particular, claims that Mr. Piketty is a Marxist, and so is anyone who considers inequality of income and wealth an important issue.”

Who is the author and what is teh “Second Belle Époque”?
Thomas Piketty, professor at the Paris School of Economics, isn’t a household name, although that may change with the English-language publication of his magnificent, sweeping meditation on inequality, Capital in the Twenty-First Century. Yet his influence runs deep. It has become a commonplace to say that we are living in a second Gilded Age—or, as Piketty likes to put it, a second Belle Époque—defined by the incredible rise of the “one percent.” But it has only become a commonplace thanks to Piketty’s work.

Oh teh irony!
Mr. Krugmans article has a lot of comments, but teh best one is of the teh ironic kind. Especially funny to me since my home country is Norway where we all pay taxes and all get free healthcare. We are even worse than Canada. [insert international symbol for irony here]

Featured Comment / Francis Volpe / Carlisle, Penn.
“Oh dear God, we’ll be like Sweden and Norway! The horror!”

Photo by Emmanuelle Marchadour

Photo by Emmanuelle Marchadour

Since 1980 the one percent has seen its income share surge again
In another article Krugman wrote about this book, Why We Are In a New Gilded Age,  a paragraph stands out to me:
“It therefore came as a revelation when Piketty and his colleagues showed that incomes of the now famous “one percent,” and of even narrower groups, are actually the big story in rising inequality. And this discovery came with a second revelation: talk of a second Gilded Age, which might have seemed like hyperbole, was nothing of the kind. In America in particular the share of national income going to the top one percent has followed a great U-shaped arc. Before World War I the one percent received around a fifth of total income in both Britain and the United States. By 1950 that share had been cut by more than half. But since 1980 the one percent has seen its income share surge again—and in the United States it’s back to what it was a century ago.”

Here is teh article from Mr. Krugman and information on where to get teh book at teh lowest price on paper or Kindle
The Piketty Panic – NYTimes.com.

Capital in the Twenty-First Century  (Click title to go to Amazon)
by Thomas Piketty, translated from the French by Arthur Goldhammer
Belknap Press/Harvard University Press, 685 pp.,

If you would like to save 28 dollars you can go here to download it from The Pirate Bay.




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