{"id":9879,"date":"2014-05-24T14:49:44","date_gmt":"2014-05-24T18:49:44","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=9879"},"modified":"2014-05-24T14:49:44","modified_gmt":"2014-05-24T18:49:44","slug":"piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/24\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\/","title":{"rendered":"Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty"},"content":{"rendered":"

From Alan Reynolds:<\/p>\n

\n

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.<\/p>\n

Second, contrary to Summers, there is no data from Piketty, Saez or anyone else showing that the top 1 percent\u2019s share of wealth \u201chas risen sharply [if at all] over the last generation\u201d \u2013 much less exhibited a \u201creturn to a pattern that prevailed before World War I.\u201d<\/p>\n

Dealing first with income, it is interesting that the first graph in Piketty\u2019s book is about the top 10 percent \u2013 not the top 1 percent. Saez likewise writes that \u201cthe top decile income share in 2012 is equal to 50.4%, the highest ever since 1917 when the series start.\u201d That is why President Obama said, \u201cThe top 10 percent no longer takes in one-third of our [sic] income \u2013 it now takes half.\u201d A two-earner New York City family of six with a pretax income of only $110,000 would be in this top 10 percent, and they are certainly not taking \u201cour\u201d income. Regardless whether we examine the Top 10 percent or Top 1 percent, however, it is absolutely dishonest to compare the postwar estimates with prewar estimates. <\/p>\n

The Piketty and Saez prewar estimates express top incomes as a share of Personal Income, after subtracting 20% to account for tax avoidance. Postwar estimates, by contrast, express top incomes as a share of only that fraction of income that happens to be reported on individual income tax returns \u2013 rather than being unreported, in tax-free savings or assets, or sheltered as retained corporate earnings.<\/p>\n

Transfer payments are not counted as income in either series (as though federal cash and benefits were worthless); this distinction is inconsequential for the prewar figures but increasingly important lately. \u201cTotal income\u201d as Piketty and Saez define it accounted for just 61.8 percent of personal income in 2012, down from 67 percent in 2000.<\/p>\n<\/blockquote>\n

Read more at Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 from Piketty, Saez or … <\/p>\n

Continue reading “Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty”<\/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":[5],"tags":[584,1223,1798,1826,3409,3650],"class_list":["post-9879","post","type-post","status-publish","format-standard","hentry","category-economy","tag-capital-in-the-twenty-first-century","tag-emmanuel-saez","tag-income-inequality","tag-inequality","tag-thomas-piketty","tag-wealth-inequality"],"yoast_head":"\nPiketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty - 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 Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty - the patient investor\" \/>\n<meta property=\"og:description\" content=\"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 from Piketty, Saez or … Continue reading "Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/24\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\/\" \/>\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=\"2014-05-24T18:49:44+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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/05\\\/24\\\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/05\\\/24\\\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty\",\"datePublished\":\"2014-05-24T18:49:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/05\\\/24\\\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\\\/\"},\"wordCount\":349,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"Capital in The Twenty-First Century\",\"Emmanuel Saez\",\"income inequality\",\"Inequality\",\"Thomas Piketty\",\"wealth inequality\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/05\\\/24\\\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"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\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/05\\\/24\\\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\\\/\",\"name\":\"Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2014-05-24T18:49:44+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/05\\\/24\\\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/05\\\/24\\\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/05\\\/24\\\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. Strategic. Unfiltered. \",\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/thepatientinvestor.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\",\"name\":\"The Patient Investor Pty Ltd\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"width\":250,\"height\":250,\"caption\":\"The Patient Investor Pty Ltd\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/profile.php?id=61572934660810\",\"https:\\\/\\\/www.instagram.com\\\/colin_thepatientinvestor\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\",\"name\":\"ColinTwiggs\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"caption\":\"ColinTwiggs\"},\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/author\\\/colin58s\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty - the patient investor","og_description":"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 from Piketty, Saez or … Continue reading \"Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty\"","og_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\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_published_time":"2014-05-24T18:49:44+00:00","author":"ColinTwiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"ColinTwiggs","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/24\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/24\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\/"},"author":{"name":"ColinTwiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5"},"headline":"Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty","datePublished":"2014-05-24T18:49:44+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/24\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\/"},"wordCount":349,"commentCount":0,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"keywords":["Capital in The Twenty-First Century","Emmanuel Saez","income inequality","Inequality","Thomas Piketty","wealth inequality"],"articleSection":["Economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/24\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\/#respond"]}]},{"@type":"WebPage","@id":"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":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/24\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\/","name":"Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"datePublished":"2014-05-24T18:49:44+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/24\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/24\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/24\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. Strategic. Unfiltered. ","publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thepatientinvestor.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/thepatientinvestor.com\/#organization","name":"The Patient Investor Pty Ltd","url":"https:\/\/thepatientinvestor.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","contentUrl":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","width":250,"height":250,"caption":"The Patient Investor Pty Ltd"},"image":{"@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/profile.php?id=61572934660810","https:\/\/www.instagram.com\/colin_thepatientinvestor"]},{"@type":"Person","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5","name":"ColinTwiggs","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","caption":"ColinTwiggs"},"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/colin58s\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-2zl","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":10064,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-inequality-debate-thomas-piketty-and-ryan-bourne-iea\/","url_meta":{"origin":9879,"position":0},"title":"The inequality debate | Thomas Piketty and Ryan Bourne IEA","author":"ColinTwiggs","date":"June 22, 2014","format":false,"excerpt":"The inequality debate: Thomas Piketty and Ryan Bourne, of the Institute of Economic Affairs. http:\/\/vimeo.com\/98715433 One mistake Piketty makes: he uses a marginal tax rate of 80% in the US in the 1920s and 1930s on incomes over $1 million to justify higher taxes on incomes over $1 million today.\u2026","rel":"","context":"In "Taxes & Inequality"","block_context":{"text":"Taxes & Inequality","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/taxes-inequality\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9818,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/19\/the-inequality-puzzle-lawrence-h-summers\/","url_meta":{"origin":9879,"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 "Australia & NZ"","block_context":{"text":"Australia & 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":9879,"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 "Market Insights"","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":10068,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/richard-epstein-on-thomas-piketty-iea\/","url_meta":{"origin":9879,"position":3},"title":"Richard Epstein on Thomas Piketty | IEA","author":"ColinTwiggs","date":"June 22, 2014","format":false,"excerpt":"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\u2026","rel":"","context":"In "Taxes & Inequality"","block_context":{"text":"Taxes & 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":9879,"position":4},"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..... But interest rates have been at all-time\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10201,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/07\/01\/economonitor-china-not-piketty-explains-confused-signals-in-u-s-asset-prices\/","url_meta":{"origin":9879,"position":5},"title":"EconoMonitor \u00bb China, Not Piketty, Explains \u2018Confused Signals\u2019 in U.S. Asset Prices","author":"ColinTwiggs","date":"July 1, 2014","format":false,"excerpt":"From Benn Steil & Dinah Walker: As for bond prices, China\u2019s central bank holds the key.After more than three years of steady appreciation, the RMB has declined over 3% this year \u2013 erasing the past year\u2019s rise. Driven by the Chinese government\u2019s desire to re-juice failing economic growth, RMB depreciation\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/9879","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=9879"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/9879\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=9879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=9879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=9879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}