Reading “Capital”: Introduction

LAST year Thomas Piketty, an economist at the Paris School of Economics and a renowned expert on global inequality, published a book titled “Capital in the Twenty-first Century”—in French. It will be released in English on March 10th. We reviewed the book earlier this year, but it is detailed and important enough, in our opinion, to deserve additional discussion. We will therefore be publishing a series of posts over the next few weeks—live-blogging the book, as it were—to draw out its arguments at slightly greater length. Starting today, with the book’s introduction.

Capital, as I will refer to Mr Piketty’s book from here on out, is an incredibly ambitious book. The author has self-consciously put the book forward as a companion to, and perhaps the intellectual equal of, Karl Marx’s Capital. Like Marx, Mr Piketty aims to provide a political economy theory of everything. More specifically, he attempts to re-establish distribution as the central issue in economics, and in doing so to reorient our perceptions of the trajectory of growth in the modern economic era. Mr Piketty’s great advantage in attempting all this, relative to past peers, is a wealth of data and analysis, compiled by himself and others over the last 15 or…Continue reading

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