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Piketty Is Wrong: Markets Don’t Concentrate Wealth

Friday, December 11, 2015 6:29
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by Louis Rouanet
Mises.org

The old Marxist apocalyptical fear of ever-rising inequality in capitalist societies is growing. The capitalist elite, it is said, benefit from a dynamic of infinite accumulation of wealth and will be able soon to buy everything and everybody, including the government. This fear of unlimited accumulation of wealth by a few was the main theme of Thomas Piketty’s Capital in the Twenty-First Century, published in French in 2013. For example, Piketty writes:

It would be a serious mistake to neglect the importance of the scarcity principle for understanding the global distribution of wealth in the twenty-first century. To convince oneself of this, it is enough to replace the price of farmland in Ricardo’s model by the price of urban real estate in major world capitals …

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Source: http://financialsurvivalnetwork.com/2015/12/piketty-is-wrong-markets-dont-concentrate-wealth/?utm_source=rss&utm_medium=rss&utm_campaign=piketty-is-wrong-markets-dont-concentrate-wealth

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