5 Matching Annotations
  1. Sep 2021
    1. He reiterates his thesis that inequality self-corrects, thanks to the instability it engenders. Left on their own, market economies collapse, torn apart by the bill for guards to defend lenders' fortunes, the bill for interest payments that enrich lenders.

      Thomas Piketty indicates that inequality self-corrects when market economies collapse, an inevitable function of the inability to guard against lenders' fortunes when the inequality becomes too great.

    2. This fundamental truth (expressed in economic notation as r > g, or "return on capital is greater than economic growth") means that "meritocracy" is a lie: the richest people in a market economy aren't the people who do the best work, it's the people who started off rich.

      Thomas Piketty's r > g shows that meritocracy is a lie in that the richest people aren't the ones that do the best or most productive work, but simply those who start of rich.

    3. Piketty concludes that no matter how fast an economy is growing – no matter how productive its makers are – that wealth grows faster, making the takers who financed growth even richer than the people whose work is propelling the economy.
    4. Piketty, of course, is the bestselling French economist whose 2013 Capital in the 21st Century was an unlikely, 700+ page viral hit, describing with rare lucidity the macroeconomics that drive capitalism towards cruel and destabilizing inequality https://memex.craphound.com/2014/06/24/thomas-pikettys-capital-in-the-21st-century/

      Great summary of Piketty's book.