Thomas Piketty

Schooling the anti-capitalists on inequality

Ludwig Erhard’s insistence on the social market economy made West Germany rich after the War. His ideas could well help to keep developed countries prosperous under different circumstances today. [...]

Piketty ignores the great convergence

The global convergence of productivity and incomes means there are no realistic chances that lower skilled workers in developed nations will be able to move up the wealth ladder. This means they will either have to become more skilled or they will become poorer in relative terms, and possibly also in absolute terms. [...]