g) to Marx’s circuits of capital underscores a central difference: Marx wanted to replace capitalism while Piketty merely wants to fix it by taxing the rich. Piketty’s discussion of slavery reifies human chattel’s role in economic history. The failure to exclude the income of supermanagers as a return to labor may lead to an understatement of the inequality Piketty describes. Similarly, a brief mention of the environment without analysis of the wealth obtained from its abuse also understates the growth of inequality. JEL classification: D31, O15, P1, P3, Q51"> g) to Marx’s circuits of capital underscores a central difference: Marx wanted to replace capitalism while Piketty merely wants to fix it by taxing the rich. Piketty’s discussion of slavery reifies human chattel’s role in economic history. The failure to exclude the income of supermanagers as a return to labor may lead to an understatement of the inequality Piketty describes. Similarly, a brief mention of the environment without analysis of the wealth obtained from its abuse also understates the growth of inequality. JEL classification: D31, O15, P1, P3, Q51"> g) to Marx’s circuits of capital underscores a central difference: Marx wanted to replace capitalism while Piketty merely wants to fix it by ">
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Worldview Matters

Author

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  • Maarten de Kadt
Abstract
Comparing Piketty’s inequality generating mechanism (r>g) to Marx’s circuits of capital underscores a central difference: Marx wanted to replace capitalism while Piketty merely wants to fix it by taxing the rich. Piketty’s discussion of slavery reifies human chattel’s role in economic history. The failure to exclude the income of supermanagers as a return to labor may lead to an understatement of the inequality Piketty describes. Similarly, a brief mention of the environment without analysis of the wealth obtained from its abuse also understates the growth of inequality. JEL classification: D31, O15, P1, P3, Q51

Suggested Citation

  • Maarten de Kadt, 2017. "Worldview Matters," Review of Radical Political Economics, Union for Radical Political Economics, vol. 49(3), pages 489-494, September.
    • Handle: RePEc:sae:reorpe:v:49:y:2017:i:3:p:489-494
    DOI: 10.1177/0486613415623254
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    References listed on IDEAS

    as
    1. Clemens Fuest & Andreas Peichl & Daniel Waldenström, 2015. "Piketty’s r-g Model: Wealth Inequality and Tax Policy," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 16(01), pages 03-10, May.
    2. David Barkin, 2015. "Looking Askance at Picketty’s Inequality from the Third World," Review of Radical Political Economics, Union for Radical Political Economics, vol. 47(4), pages 566-571, December.
    3. Jan Fagerberg, 2015. "Piketty’s perspectives on growth (in the 21st century)," Journal of Evolutionary Economics, Springer, vol. 25(2), pages 533-536, April.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    inequality; slavery; economic models; crisis; growth; capital; supermanagers; environment; income; wealth;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • P3 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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