"When the rate of return on capital exceeds the rate of growth of output and income, as it did in the nineteenth century and seems quite likely to do again in the twenty-first, capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meriocratic values on which democratic societies are based."
What is arbitrary about saving your money and earning a return higher than the GDP growth of your country?
What is arbitrary about inheritance? I want my kids to have everything I own when I die, this isn't an arbitrary decision.
What the hell is an unsustainable inequality? All around us we have evidence of permanent inequality in wealth, intelligence, looks, athletic ability, health, etc.
Capitalism is based on pure meriocratic values, what is he talking about? Other than inheritance (which is a red herring) how is wealth unearned if it is done so legally and without cronyism? Does Piketty think my kids don't deserve an inheritance? I worked hard all my life and lived frugally so I could provide my children a better life and he wants to tax that away?
What is arbitrary about saving your money and earning a return higher than the GDP growth of your country?
What is arbitrary about inheritance? I want my kids to have everything I own when I die, this isn't an arbitrary decision.
What the hell is an unsustainable inequality? All around us we have evidence of permanent inequality in wealth, intelligence, looks, athletic ability, health, etc.
Capitalism is based on pure meriocratic values, what is he talking about? Other than inheritance (which is a red herring) how is wealth unearned if it is done so legally and without cronyism? Does Piketty think my kids don't deserve an inheritance? I worked hard all my life and lived frugally so I could provide my children a better life and he wants to tax that away?