Monday, March 9, 2015

'My story is bunk.'

Oubliez ça! 

Thomas Piketty fesses up in the forthcoming American Economic Review, that his critics, Deirdre McCloskey, Greg Mankiw, Xavier Sala y Martin, Per Krussel, James Hamilton etc. were right all along

Here are a few gems (camouflaged by some math)  from the new, improved (and thanks to his royalties, a member of the 1%) Piketty;

...we have too little historical data at our disposal to be able to draw definitive judgments. On the other hand, at least we have substantially more evidence than we used to. ....
I do not view r > g as the only or even the primary tool for considering changes in income and wealth in the twentieth century, or for forecasting the path of inequality in the twenty-first century. ....
I certainly do not believe that r> g is a useful tool for the discussion of rising inequality of labor income: other mechanisms and policies are much more relevant here, e.g., supply and demand of skills and education.
Like Charles Barkley, in his autobiography, Piketty has been misquoted?

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