Capitalism

Overview of Piketty's "Capital" Three years on 5/20/17

Article: "A political economy   

Piketty was one of three empirical economists including Emmanuel Saez and Anthony Atkinson who used tax data to show that over time, in a capitalist economy, wealthy becomes more and more concentrated in the hands of a few.

> Mathematically, this reduces to r > g - the rate of return on investments exceeds the overall growth rate of the economy. Wealth will grow faster than income, allowing wealth to concentrate in the hands of a few families over time.

> The political connection - as wealth becomes more concentrated in the hands of a few, those few will use that wealth to shape laws that allow them even higher rates of return and protect them from competition.