Saez And Zucman’s Failure On Wealth Inequality

For aficionados of how the world is going to pot, the plutocrats are just sucking it all up, a correction to the Saez and Zucman estimates on wealth inequality:

It ain’t happening like they say it is.

There is though this interesting additional question:

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Economics After Neoliberalism

Dani Rodrik, Gabriel Zucman and Suresh Naidu have a new project out, one to provide us with an economics to replace neoliberalism. That neoliberalism they define as market fundamentalism. Sadly, they’re wrong.

Yes, I know, brave words from a mere journalistic scribbler to leading contemporary economists, at least one of which I’m reasonably certain will end up with a share of a Nobel at some point. And yet still true.

Rodrik introduces it here. The Boston Review piece.…

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Thomas Piketty’s Being Entirely Ludicrous About Russian Top Income Shares

This is ludicrous here from Thomas Piketty. No, seriously, this is taking a dump on the very idea of rational economic investigation. Who got what in the Soviet Union was based upon non-monetary transactions. Thus measuring who got what in the form of money isn’t a useful description of inequality.

But, you know, if you want to prove that not-communism is a bad idea because inequality taking that dump’s still politically useful, isn’t it?

The dismantling of the USSR and its productive apparatus led to a fall in standard of living in 1992-1995.

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