An econ. book for todays pro-Democracy Movement…

…I just got this book, by Thomas Piketty:

Capital in the Twenty-first Century

from the Lakewood Library yesterday.  It looked good, it looked fine, and I will look it over.  Then, today there is a  article about it

Piketty in Washington: How to Reverse the Increasing Concentration of Wealth

A representative quote:
Piketty also easily rebutted the arguments of conservative economist Kevin Hassett, who asserted that the Gini coefficient on consumption had not changed all that much, and that the increase in transfer payments had compensated for the upward redistribution of income in recent decades. As Piketty pointed out, Hassett’s data on income distribution, which is self-reported, misses a lot of the income of the highest income groups; even the tax data that Piketty uses is really a lower bound, and Hassett’s is far below that. A rare laugh erupted in the audience when Piketty noted, in French-accented English, that the consumption data of the upper income groups did not include “their consumption of politicians.” Which is of course Piketty’s main reason for focusing so much on wealth in his book. And Baker added that most of the income transfers in the U.S. come from the middle classes, (e.g. Social Security and Medicare) not from the rich.
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