Research Fellow Randall Holcombe: Piketty laments the increase in - TopicsExpress

Research Fellow Randall Holcombe: Piketty laments the increase in inequality since 1980, but setting aside inequality for the moment, anyone who has lived in a capitalist economy since that time can see the increase in the standard of living that everybody — not just the economic elite — has enjoyed. That increase in the general standard of living has been due to the employment of capital in productive uses by its owners, but this economic function of the owners of capital plays no role in Piketty’s analysis.

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