Sunday, February 08, 2015

The only way neo Marxist Piketty's "the rich are coming" rhetoric can be right is if you ignore the impacts of all liberal social policies to date

The biggest forms of wealth in rich societies are human capital - largely publicly funded and social entitlements such as old age pensions and healthcare. The net present value of Social Security obligations in the US is 12.9 trillion and these assets are distributed in a very egalitarian way. Here's a post discussing this point.

The neo Marxist line about the rich getting ever richer only works if you ignore all this social capital and assume that the rich and their progeny will soulessly amass more and more paper claims on the society like some enormous upscale borg all in identical pairs of Jimmy Choo pumps.

Picketty's work is as absurd as it is dishonest. In a word: neo-Marxist

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