Last week we discussed Fundamental Law of Private Capital #1 – that private capital is the secret weapon that allows some economies to out-compete others. This week we’ll turn to Fundamental Laws #2 and #3.
A few years after Capital in the Twenty-First Century exploded on the scene, the University of Chicago surveyed 36 well-known economists, asking if they agreed with Piketty. The results? One yes and 35 no’s.
We are talking about Thomas Piketty’s Capital in the Twenty-First Century, including its extraordinary publishing history and its subsequent fade from grace. I reviewed the various problems with Pikkety’s theses as they have been noted in the economics literature, and I also proposed my own view of the book’s central problem: that its author is a naïf.
Thomas Piketty’s Capital in the Twenty-First Century exploded on the scene in mid-2013, but it’s impact faded quickly. I reviewed last week the widely discussed reasons why Piketty’s book fell from grace, but I also proposed a reason of my own: that Piketty is a naïf
In the summer of 2013 a remarkable event occurred in the publishing industry. A challenging, 685-page economic text written by an obscure French economist and published by an academic press became an overnight best seller.
Even small children love to hear simple stories about their ancestors, and as children grow into teenagers and then young adults the stories can become more complex and serious.
In the last few posts I’ve spent a lot of time talking about kids who grow up in wealthy families and the issues they face, as well as a bit of time talking about how virtually all American kids are raised these days. I’ve devoted so much time to these subjects because I want to emphasize the many minefields that surround the subject of money, even though they don’t always seem to be directly related to money.
In the fall of 1997 I found myself in the spacious, many-windowed living room of a large home in a southern state I’ll call Florida, although that’s not where it was. I have also slightly modified some of the details of the family to protect their privacy.
The typical trust fund baby is well-known to all of us: a life devoted to spending down the family’s capital on themselves, not working, having difficulty maintaining relationships, living empty lives.
We are talking, in a roundabout way that has taken us back to first principles, about the human maturation process and how it interacts with the fear of affluent parents that money will ruin their children.