…equal opportunity for the more equal…

…talent and tenacity will always prevail?…

Chris Giles of the Financial Times (pay wall after a few views) in an article of 23 May had launched a broadside against Thomas Piketty’s book, where he sought to discredit Piketty’s work, in particular the data. In examining one element of Piketty’s argument, he would famously observe,  ‘…I discovered that his estimates of wealth inequality – the centrepiece of Capital in the 21st Century – are undercut by a series of problems and errors. Some issues concern sourcing and definitional problems. Some numbers appear simply to be constructed out of thin air.’

So then, a dishonest economist. An economist who, in collaboration with colleagues, has had all the data, code, and references readily available online? The issue? Basically, Piketty had asserted wealth in the US and the UK has been increasing for the tiny minority. But we leave the fine points aside to attend to some useful distractions. From the Independent, an observation, Britain’s land is still owned by an aristocratic elite – but it doesn’t have to be this way Read the rest of this entry »

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