{"id":10068,"date":"2014-06-22T21:21:22","date_gmt":"2014-06-23T01:21:22","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=10068"},"modified":"2014-06-22T21:21:22","modified_gmt":"2014-06-23T01:21:22","slug":"richard-epstein-on-thomas-piketty-iea","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/richard-epstein-on-thomas-piketty-iea\/","title":{"rendered":"Richard Epstein on Thomas Piketty | IEA"},"content":{"rendered":"<p>Excellent critique by Richard Epstein, Professor Emeritus of Law and Senior Lecturer at the University of Chicago Law School, of the thesis and policy recommendations of French economist Thomas Piketty from his recent book, <em>Capital in the Twenty-First Century<\/em>.<\/p>\n<p>http:\/\/vimeo.com\/98657610<\/p>\n<p>With voluntary bargaining, one can assume that both parties will benefit from the transaction: they are unlikely to enter into a bargain where there is not at least some benefit for themselves. What Epstein does not address is crony capitalism, where special interest groups (either corporations or unions) may influence government to act (or fail to act) in a way that benefits the group at the expense of the whole. Wal-mart profits, for example, may rise as a result of China&#8217;s suppression of the yuan\/dollar exchange rate, but the same exchange rate may cause the loss of manufacturing jobs and exports, and depress wages. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Excellent critique by Richard Epstein, Professor Emeritus of Law and Senior Lecturer at the University of Chicago Law School, of the thesis and policy recommendations of French economist Thomas Piketty from his recent book, Capital in the Twenty-First Century. http:\/\/vimeo.com\/98657610 With voluntary bargaining, one can assume that both parties will benefit from the transaction: they &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/richard-epstein-on-thomas-piketty-iea\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Richard Epstein on Thomas Piketty | IEA&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28],"tags":[584,954,1277,1423,2793,2958,3409,3651],"class_list":["post-10068","post","type-post","status-publish","format-standard","hentry","category-taxes-inequality","tag-capital-in-the-twenty-first-century","tag-death-taxes","tag-estate-tax","tag-flat-tax","tag-progressive-income-taxes","tag-richard-epstein","tag-thomas-piketty","tag-wealth-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Richard Epstein on Thomas Piketty | IEA - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Richard Epstein on Thomas Piketty | IEA - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Excellent critique by Richard Epstein, Professor Emeritus of Law and Senior Lecturer at the University of Chicago Law School, of the thesis and policy recommendations of French economist Thomas Piketty from his recent book, Capital in the Twenty-First Century. http:\/\/vimeo.com\/98657610 With voluntary bargaining, one can assume that both parties will benefit from the transaction: they &hellip; 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Summers","author":"ColinTwiggs","date":"May 19, 2014","format":false,"excerpt":"Larry Summers exposes the flaw in Thomas Piketty\u2019s Capital in the Twenty-First Century. Piketty argues that inequality is rising because the rate of return on capital is higher than the economy's growth rate. Does not the rising share of profits in national income in most industrial countries over the last\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Marginal welfare loss from a small increase in selected Australian taxes","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":13720,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/19\/the-inequality-puzzle-lawrence-h-summers-2\/","url_meta":{"origin":10068,"position":2},"title":"The Inequality Puzzle | Lawrence H. Summers","author":"ColinTwiggs","date":"May 19, 2014","format":false,"excerpt":"Larry Summers exposes the flaw in Thomas Piketty\u2019s Capital in the Twenty-First Century. Piketty argues that inequality is rising because the rate of return on capital is higher than the economy's growth rate. Does not the rising share of profits in national income in most industrial countries over the last\u2026","rel":"","context":"In &quot;Market Insights&quot;","block_context":{"text":"Market Insights","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/market-insights\/"},"img":{"alt_text":"Marginal welfare loss from a small increase in selected Australian taxes","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":9879,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/24\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\/","url_meta":{"origin":10068,"position":3},"title":"Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty","author":"ColinTwiggs","date":"May 24, 2014","format":false,"excerpt":"From Alan Reynolds: First of all, the Piketty and Saez estimates do not show top 1 percent income shares nearly as high as those of 1916 or 1928 once we use the same measure of total income for both prewar and postwar data.Second, contrary to Summers, there is no data\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10062,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-inequality-debate-richard-epstein\/","url_meta":{"origin":10068,"position":4},"title":"The inequality debate | Richard Epstein","author":"ColinTwiggs","date":"June 22, 2014","format":false,"excerpt":"Professor Richard Epstein on the inequality debate and related issues in the US. http:\/\/vimeo.com\/98678656","rel":"","context":"In &quot;Taxes &amp; Inequality&quot;","block_context":{"text":"Taxes &amp; Inequality","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/taxes-inequality\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10937,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/21\/pikettys-missing-rentiers-by-jeffrey-frankel-project-syndicate\/","url_meta":{"origin":10068,"position":5},"title":"Piketty\u2019s Missing Rentiers by Jeffrey Frankel | Project Syndicate","author":"ColinTwiggs","date":"September 21, 2014","format":false,"excerpt":"From Jeffrey Frankel: It is true that capital\u2019s share of income interest, dividends, and capital gains rose gradually in major rich countries during the period 1975-2007, while labor\u2019s share wages and salaries fell, a trend that would support Piketty\u2019s hypothesis if it continued..... 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