Friday, January 31, 2014

Watching the Watchers: Does Capitalism Lead to Wealth Inequality

In a New York Times op-ed talking about the book Capital in the Twenty-First Century, the following quote is used to describe the premise: "Capitalism, according to Piketty, confronts both modern and modernizing countries with a dilemma: entrepreneurs become increasingly dominant over those who own only their own labor." The op-ed goes on to quote and economist calling it a watershed in economic thinking, state that conservatives/libertarians will find it antithetical, and liberals find it just too depressing.

I must not be very good at economics, because I read the premise and reacted, "Well, duh!"

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