Archive for the ‘Inequality’ Category

Arguing Taxes, Transfers, and Market Outcomes

May 22nd, 2014

Inequality analyst Scott Winship feels “systematically ignored” by “writers and researchers” including myself.  Since he’s a smart and interesting critic in this space, not to mention an old fellow traveler, allow me to correct that. Scott is one of a number of analysts who criticize Thomas Piketty’s work for focusing largely on market incomes, thus… Read more

Putting the Dismal Back in Econ

May 14th, 2014

I’m hearing a fair bit of optimism re the current economy.  Many of the folks with whom I interact on this stuff are feeling better about where things are headed, with unemployment down, households looking pretty deleveraged, job growth at a decent clip, and the weather-beaten data flow improving. As Mark Zandi wrote in his… Read more

Summers Reviews Piketty

May 14th, 2014

Worth a read—generally quite positive and very insightful. As have others, Larry raises objections to the prediction that r (the rate of return on wealth) will remain roughly constant as the amount of capital in the economy grows. Larry’s on solid economic grounds, as per diminishing marginal returns theory: “As capital accumulates, the incremental return… Read more