Tag: Economic Ignorance

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Apparently not, because our president continues to display the most abject, shameful, and embarrassing ignorance about the subject. He repeatedly asserts that they’re being paid by China, whereas every thinking being knows that this is not the case and that they’re paid by American businesses, and only by American businesses. Here’s a Trump tweet from […]

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The big news tonight on the local news here in Austin was the long, long line of cars waiting for gasoline as panic spread through the city (and probably the state) and people headed for the local stations to top off their cars in anticipation of shortages. This, of course, resulted in many gas stations […]

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Promoted from the Ricochet Member Feed by Editors Created with Sketch. What the Piketty Errors Mean

 

PikettyRemember the Reinhart/Rogoff spreadsheet error? In the event that you do not, here is a summary. Those who follow debates between economists will recall that the spreadsheet error led to all kinds of excoriations of Carmen Reinhart and Kenneth Rogoff on the part of liberal economists, who claimed that they were responsible for austerity policies that killed off economic growth. Even Stephen Colbert got in on the act. Their spreadsheet error was considered to be the worst tragedy that befell the planet since that one time when Oedipus and Jocasta had a super-awesome first date.

Of course, the excoriations were vastly overstated, but that didn’t stop intellectual opponents of Reinhart and Rogoff from engaging in hyperbole on a grand scale. Now that Thomas Piketty has been caught making his own significant errors, comparisons have naturally been made between Piketty on the one hand, and Reinhart and Rogoff on the other.

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Promoted from the Ricochet Member Feed by Editors Created with Sketch. Facts Are Stubborn Things . . . As Thomas Piketty Is Beginning to Find Out

 

I have bought Thomas Piketty’s book Capital in the Twenty-First Century, and while I have posted many an item that takes issue with the books claims and conclusions concerning wealth inequality, I do plan on reading Piketty; his book has made quite the intellectual and cultural impact, and although I know what his basic arguments are, I want to be sure that I read the whole of the book to be fully aware of his claims.

But even before reading the book, one can conclude certain things about Piketty, as my previous blog posts indicate. And today, we learn that we may well be able to conclude one more thing still about Piketty, his research, and his arguments: They may be completely wrong. And yes, those words were worth emphasizing.

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