{"id":10937,"date":"2014-09-21T20:15:43","date_gmt":"2014-09-22T00:15:43","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=10937"},"modified":"2014-09-21T20:15:43","modified_gmt":"2014-09-22T00:15:43","slug":"pikettys-missing-rentiers-by-jeffrey-frankel-project-syndicate","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/21\/pikettys-missing-rentiers-by-jeffrey-frankel-project-syndicate\/","title":{"rendered":"Piketty\u2019s Missing Rentiers by Jeffrey Frankel | Project Syndicate"},"content":{"rendered":"<p>From Jeffrey Frankel:<\/p>\n<blockquote><p>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&#8230;..<\/p>\n<p>But interest rates have been at all-time lows in recent years \u2013 virtually zero. And the claim that in the long run the interest rate must be substantially greater than the economic growth rate is absolutely central to Piketty\u2019s book.<\/p>\n<p>That said, Piketty\u2019s vision is focused squarely on the truly long run&#8230;.Three century-long movements constitute the essence of the book: a rise in inequality in the nineteenth century, a fall in inequality in the twentieth century, and a predicted return to historically high inequality in the twenty-first century.<\/p><\/blockquote>\n<p>To me Piketty started with a preconceived idea and selected data to support this. He seems to ignore the impact of industrialization in the 19th century and technological advances in the late 20th century as sources of wealth creation, as well as access to low-cost labor through globalization during the latter period which has eroded manufacturing jobs and real wages.<\/p>\n<p>Read more at <a href='https:\/\/www.project-syndicate.org\/commentary\/jeffrey-frankel-says-that-inequality-is-rising--but-not-for-the-reason-thomas-piketty-has-given'>Piketty\u2019s Missing Rentiers by Jeffrey Frankel &#8211; Project Syndicate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8230;.. But interest rates have been at all-time lows in recent years \u2013 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/21\/pikettys-missing-rentiers-by-jeffrey-frankel-project-syndicate\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Piketty\u2019s Missing Rentiers by Jeffrey Frankel | Project Syndicate&#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":[33,34],"tags":[584,3409],"class_list":["post-10937","post","type-post","status-publish","format-standard","hentry","category-uk-europe-countries-regions","category-us-canada-countries-regions","tag-capital-in-the-twenty-first-century","tag-thomas-piketty"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Piketty\u2019s Missing Rentiers by Jeffrey Frankel | Project Syndicate - 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=\"Piketty\u2019s Missing Rentiers by Jeffrey Frankel | Project Syndicate - the patient investor\" \/>\n<meta property=\"og:description\" content=\"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&#8230;.. But interest rates have been at all-time lows in recent years \u2013 &hellip; Continue reading &quot;Piketty\u2019s Missing Rentiers by Jeffrey Frankel | Project Syndicate&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/21\/pikettys-missing-rentiers-by-jeffrey-frankel-project-syndicate\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2014-09-22T00:15:43+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/21\/pikettys-missing-rentiers-by-jeffrey-frankel-project-syndicate\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/21\/pikettys-missing-rentiers-by-jeffrey-frankel-project-syndicate\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Piketty\u2019s Missing Rentiers by Jeffrey Frankel | Project Syndicate\",\"datePublished\":\"2014-09-22T00:15:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/21\/pikettys-missing-rentiers-by-jeffrey-frankel-project-syndicate\/\"},\"wordCount\":218,\"commentCount\":8,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"Capital in The Twenty-First Century\",\"Thomas Piketty\"],\"articleSection\":[\"UK &amp; Europe\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/21\/pikettys-missing-rentiers-by-jeffrey-frankel-project-syndicate\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/21\/pikettys-missing-rentiers-by-jeffrey-frankel-project-syndicate\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/21\/pikettys-missing-rentiers-by-jeffrey-frankel-project-syndicate\/\",\"name\":\"Piketty\u2019s Missing Rentiers by Jeffrey Frankel | Project Syndicate - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2014-09-22T00:15:43+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/21\/pikettys-missing-rentiers-by-jeffrey-frankel-project-syndicate\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/21\/pikettys-missing-rentiers-by-jeffrey-frankel-project-syndicate\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/21\/pikettys-missing-rentiers-by-jeffrey-frankel-project-syndicate\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Piketty\u2019s Missing Rentiers by Jeffrey Frankel | Project Syndicate\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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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":10937,"position":1},"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":14419,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/10\/31\/19-billionaires-who-used-to-be-dirt-poor\/","url_meta":{"origin":10937,"position":2},"title":"19 billionaires who used to be dirt poor","author":"ColinTwiggs","date":"October 31, 2016","format":false,"excerpt":"Nothing to do with investment, but I find these rags-to-riches stories inspiring. 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By contrast, Greece and the eurozone\u2019s other heavy borrowers were able to borrow at interest rates that had fallen to virtually the same\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13948,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/08\/12\/lies-politicians-tell-us-hoover-institution\/","url_meta":{"origin":10937,"position":5},"title":"Lies Politicians Tell Us | Hoover Institution","author":"ColinTwiggs","date":"August 12, 2016","format":false,"excerpt":"Great insights from Allan H. Meltzer at the Hoover Institution: Most of us learn at some point that politicians tell lies. We expect them to stop once they hold office or to face the consequences. In the past, politicians that violated the public trust resigned, most notably President Richard Nixon.\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/10937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=10937"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/10937\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=10937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=10937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=10937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}