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Quote of the Week: Thomas Piketty

Sina Odugbemi's picture

Thomas Piketty"The success of my book shows there are a lot of people who are not economists but are tired of being told that those questions are too complicated for them." [...] “ What pleases me is that this book reaches ‘normal’ people, a rather wide public.”

- Thomas Piketty, a French economist who works on wealth and income inequality. He is the author of the best-selling book Capital in the Twenty-First Century (2013), in which he argues that the rate of return on capital (wealth) in developed countries is persistently greater than economic growth. Other things being equal, he states, faster economic growth diminishes the importance of wealth in a society, while slower growth increases it. To counter the steady concentration of wealth, Piketty proposes a global tax on wealth. Piketty is also a professor at the École des hautes études en sciences sociales (EHESS), professor at the Paris School of Economics and Centennial professor at the London School of Economics.

Weekly wire: The global forum

Roxanne Bauer's picture
World of NewsThese are some of the views and reports relevant to our readers that caught our attention this week.
 

Why don’t voters demand more redistribution?
The Washington Post
If you believe economic inequality is a political problem, these are trying times. As economic inequality increases in many of the world’s wealthy democracies, so does the disproportionate political influence of the rich. As a recent Monkey Cage post explained, even though economic inequality is on the rise, politicians around the world have grown increasingly attentive to the demands of the “1 percent” — and less responsive to the less well-off.  If you believe inequality is a bad thing, this trend is worrisome. The power of the rich to mute everyone else’s political voices could push economic inequality even higher, as the wealthy erect ever-higher barriers to policies that might work to reduce poverty and/or inequality.

Why Technology Hasn’t Delivered More Democracy
Foreign Policy
The current moment confronts us with a paradox. The first fifteen years of this century have been a time of astonishing advances in communications and information technology, including digitalization, mass-accessible video platforms, smart phones, social media, billions of people gaining internet access, and much else. These revolutionary changes all imply a profound empowerment of individuals through exponentially greater access to information, tremendous ease of communication and data-sharing, and formidable tools for networking. Yet despite these changes, democracy — a political system based on the idea of the empowerment of individuals — has in these same years become stagnant in the world.

Anatomy of a Killer Fact: The World’s 85 Richest People Own as much as the Poorest 3.5 Billion

Duncan Green's picture

Ricardo Fuentes (@rivefuentes) reflects on a killer fact (85 individuals own as much wealth as half the world’s population) that made a big splash last week, and I add a few thoughts at the end.

Last week we released a report on the relationship between the growing concentration of income and biases in political decision making. “Working for the  Few” got a lot of attention, generating the biggest-ever traffic day on the Oxfam International website the day of the launch.

 A large part of the attention was generated by one fact: the 85 richest people own as much as the bottom half of the world.

Five conditions to create wealth. Has your country met them?

Oscar Calvo's picture

También disponible en español

In the context of a global economic slowdown and the search for balanced economic growth, I offer some elements for discussion.

All countries aspire to strong, sustainable economic growth given that it makes reducing poverty and expanding opportunities for all citizens much more feasible. There is no doubt about that. But how are high rates of growth achieved over the long term?

The Evolution of Great World Cities: Insights for Developing World Cities

Chris Kennedy's picture

Evolution of Great World Cities Book CoverThis blog is written in response to a generous and humbling offer by the urban anchor at the World Bank to present my book on the Evolution of Great World Cities (Kennedy, 2011). Having provided occasional assistance to the Bank over the past few years, I realized how big a challenge this may be. The Bank has brainpower akin to an Ivy League university, and is a large organization with so many endeavours that are hard for me to keep abreast of. Nonetheless, while tackling enormously complex development challenges, the clear objective of the Bank is to help with the elimination of poverty. Given that my book is primarily about stinking rich cities, there’s a chance that I could completely miss my audience! There again, the rapid rate of urbanization in the developing world provides such a huge opportunity to bring millions out of poverty, if planned well - and many cities in the developing world no doubt aspire to be great world cities.