A Foreign Affairs Best Book of the Year
"An intellectual excursion of a kind rarely offered by modern economics."
Thomas Piketty's Capital in the Twenty-First Century is the most widely discussed work of economics in recent years. But are its analyses of inequality and economic growth on target? Where should researchers go from there in exploring the ideas Piketty pushed to the forefront of global conversation? A cast of leading economists and other social scientists-including Emmanuel Saez, Branko Milanovic, Laura Tyson, and Michael Spence-tackle these questions in dialogue with Piketty.
"A fantastic introduction to Piketty's main argument in Capital, and to some of the main criticisms, including doubt that his key equation...showing that returns on capital grow faster than the economy-will hold true in the long run."
"Piketty's work...laid bare just how ill-equipped our existing frameworks are for understanding, predicting, and changing inequality. This extraordinary collection shows that our most nimble social scientists are responding to the challenge."
-Justin Wolfers, University of Michigan [Boushey, DeLong, and Steinbaum] have curated an impressive set of essays responding to Piketty's work...Among them are deep dives into the assumptions underlying Piketty's predictions, historical accounts of the role of slavery and gender in capitalist systems, and considerations of the relationship between concentrated wealth and political power. The essays put Piketty's arguments into a broad historical and intellectual context and highlight some noteworthy omissions that call into question his book's most dire predictions. At the end of the volume, Piketty himself weighs in. The result is an intellectual excursion of a kind rarely offered by modern economics.-- (11/01/2017) Piketty's work did what decades of rising disparities couldn't do: it reminded macroeconomists that inequality matters. More starkly, it laid bare just how ill-equipped our existing frameworks are for understanding, predicting, and changing inequality. This extraordinary collection shows that our most nimble social scientists are responding to the challenge, collecting ideas about capital, technology, power, gender, race, and privilege that might help inform a broader understanding.--Justin Wolfers, University of Michigan The book, edited by economists Heather Boushey, J. Bradford Delong and Marshall Steinbaum, is more interesting than the original. It benefits from having 21 essays on different inequality--related topi