On april 15th at the urban institute, piketty provided a brief synopsis of his book while dean baker of the center for economic and policy research and kevin hassett of the american enterprise institute provided commentary. Dean baker, a cofounder of the liberal center for economic and policy research, was the sharpest critic of piketty among those i contacted. Rather than continuing in this vein, i will just take one item that provides an extraordinary example of the book s lack of attentiveness to institutional detail. Somewhat less predictably, dean baker of the center for economic and policy research notes the book s obvious allusion to karl marx and says it. For those who bear cynicism toward establishment economics, dean s. Thomas piketty s new book, capital in the 21 st century, has done a remarkable job of focusing public attention on the growth of inequality in the last three decades and the risk that it will grow further in the decades ahead. A placeholder for piketty by henry on december 23, 2015 a quick announcement well be publishing thomas piketty s response to the seminar in early january, it being the time of year when many readers are likely to be spending time with their family or being otherwise engaged. Piketty s capital was so popular theres a sequel after piketty, a book that, at 678 pages, is almost as long and a. How globalization and the rules of the modern economy were structured to make the rich richer is a mustread for the many who believe the status quo is unsustainable.
Thomas piketty was born on may 7, 1971, in the parisian suburb of clichy, hautsdeseine. French economist thomas piketty, author of the bestselling capital in the twentyfirst century, came to washington dc today for a series of discussions with other economists and the public. Ten ways to fight inequality without pikettys wealth tax. Still mired in the 19th see correction 03092014 10. Im not sure this analysis is all that useful, baker. Piketty s answer is that we need a global wealth tax gwt to redistribute from the rich to everyone else. In questioning his contribution to advancing technology, piketty. Dean baker on piketty s capital in the 21st century. The book itself, whose author has made enormous contributions over the past 15 years analyzing the distribution of income and wealth, is very rich in historical and datadriven economic analysis and. Baker also commentates on his own blog, beat the press, where he offers his analysis and insight on key economic issues. Dean baker brad delong on pikettys likely response to.
Dean baker surge of attention to crusading economist. Tax policy center director len burman will moderate the discussion, focusing on the role tax policy might play in mitigating income inequality, and field questions from the audience. Dean baker of the center for economic and policy research and kevin hassett of the. From patent laws that favor incumbents over innovation to financial and corporate rules that insulate excessive earnings, baker uncovers the realities underneath the rationalizations of our rentdriven economy. Dean baker on pikettys capital in the 21st century. As an example of practical ways to overcome r g, dean baker says that activists could make a big difference by campaigns to raise the minimum wage and by challenging tax evasion and monopolistic practices, even without the more progressive income and wealth taxes advocated by piketty. At the tax policy center, a joint venture of the urban institute and brookings institution, my colleague dean baker strongly agreed with piketty s proposal to tax wealth. He is frequently cited in economics reporting in major media outlets, including the new york times, washington post, cnn, cnbc, and national public radio. Dean baker is a macroeconomist and senior economist at the center for economic and policy research in washington, d.
This is a book that will change both the way we think about society and the way we do. Dean baker, progressive, activist, economist, was kind enough to share some time for an interview. Economic policy in a postpiketty world united steelworkers. Thomas piketty s new book on the history and future of capitalism. Dean baker surge of attention to crusading economist piketty s new book takes us to the big question of how to reduce inequality this raises the obvious question of what can be done to offset this tendency toward rising inequality. In this provocative new book, dean baker shows that the rents in the american economy are high and rising. American economist dean baker has written an important reaction to piketty s book entitled economic policy in a post piketty world. Piketty thinks the only answer is a global wealth tax, which he admits is a political nonstarter. Piketty is wellknown as a scholar of inequality, and as dean baker of the center for economic and policy research puts it, his new book s argument is almost too simple for economists to understand. Piketty first came to prominence with his collaborator professor.
Thomas piketty s new book, capital for the 21st century, has done a remarkable job of focusing public attention on the growth of inequality in the last three decades and the risk that it will grow further in the decades ahead. This post was excerpted from baker s essay, living in the short run. Why is it so hard for democracy to deal with inequality. Ceprs jobs byte is published each month upon release of the bureau of labor statistics employment report. Thomas pikettys new book, capital in the twentyfirst century. Pikettys book first received a warm reception from fellow economists. Dean baker is a macroeconomist and codirector of the center for economic and policy research in washington, dc. Im sure that theres going to be plenty more discussion here on thomas piketty s capital in the twentyfirst century theres lots of good arguments to be had, but it is every bit the major work that people say it is, but in the meantime, a correction. Doug henwood of the left business observer, at bookforum, and dean baker at huffington post. He and his colleagues have mined tax records in the united states and other countries to provide a far better picture of patterns of income growth among the rich than had previously been. Economist thomas piketty biography, theories and books. Capital in the 21st century by thomas piketty brave new. There has been an enormous upward redistribution of income in the united states in the last four decades. There are a host of books that were triggered by capital.
Dean baker, one of the founders of the center for economic and policy. Opinion thomas piketty and his critics the new york times. However, after piketty was born, they moved away from the trotskyite and later, became politically involved with the french socialist party. You mean besides capital in the twentyfirst century by thomas piketty. It is the adoption of policies that were friendly to these business interests that led to the increase in profit shares in recent years, not any inherent dynamic of capitalism, as some may read piketty. But dean baker points out where marx got it wrong, and. This piece was first published on the center for economic and policy researchs jobs byte.
Dean baker of the center for economic and policy research and kevin hassett of the american enterprise institute will provide commentary. Repeating the name of marxs capital, the implication of the title was that it was an updating marxs 19th. He enunciates and demonstrates the part of marx that marx got exactly right. But the article itself is long and a bit wonky, so pilkingtons recap is a useful distillation of galbraiths piece. But he disagrees with baker s ideas about policies to fix inequality, and asserts that a more open and entrepreneurial economy will do the trick instead. Economist dean baker biography, theories and books. His parents had affiliations with a militant trotskyite group and were involved in the may 1968 protests in paris. All that said, piketty s book is a masterpiece and everyone should read it. Dean baker is author of the new book, plunder and blunder. Comment on capital for the 21st century by center for economic and policy research. Piketty thinks that merely turning this into a tax on net.
Economist dean baker specifically cites the telecom industry. Galbraith takes on thomas pikettys capital in the twentyfirst century. The full essay is available below and on the center for economic and policy research website living in the short run. In the end, the stone in the shoe of these liberal or social democratic thinkers is piketty s notion that, ceteris paribus, capitalism systemically produces and reproduces inequality. Dean baker is senior economist at the center for economic and policy research in washington, dc. Dean baker, codirector of the center for economic and policy research, a liberal economic think tank, took a harsher view of liberals attraction to piketty. With his book capital in the twentyfirst century, thomas piketty has. He previously worked as a senior economist at the economic policy institute and an assistant professor at bucknell university. How to reverse the increasing concentration of wealth. Thomas piketty turns marx on his head the new york times. Back in 2014, french economist thomas piketty published a blockbuster book, capital in the 21st century. Worlds richest man tries to defend wealth inequality al. Thomas pikettys important new book, capital in the twentyfirst century, predicts a bleak future of increasing concentrations of financial.
Chandrasekhar,jawaharlal nehru university, new delhi thomas piketty s capital in the twentyfirst century was the publishing sensation of 2104, focussing the worlds attention on the huge and continuing growth in inequality that poses a serious economic, political and social threat to us all. Thomas piketty, will be the most important economics book of the year. What pikettys conservative critics get wrong the baffler. Comment on capital in the 21st century by dean baker we all owe a debt to thomas piketty and his various coauthors for hugely advancing our understanding of income distribution at the top. Dean baker is the codirector and an economist at the center for economic and policy research, in washington d. Thomas piketty s capital in the twentyfirst century is a monumental book that will influence economic analysis and perhaps policymaking. Piketty tells us capital as a proportion of the national income has been typically high.
Dean baker, economic policy in a post piketty world, huffington post apr. Contra dean baker, i suspect that thomas piketty would say that the ability of the rich to manipulate property rights and market. Thomas piketty s capital in the 21st century soared to the. Thomas piketty s important new book, capital in the twentyfirst century, predicts a bleak future of increasing concentrations of financial assets in few hands, stagnant wages and labor share of income, and declining returns to capital secular stagnation. Pikettys basic point on this issue is almost too simple for economists to understand. Dean baker on piketty s capital in the 21st century full interview, part 2 the zero hour with rj eskow. Dean baker of the center for economic and policy research and kevin hassett of the american enterprise.