Eric Posner and Glen Weyl on Piketty
In The New Republic.
Only very extreme scenarios, where every wealthy individual does all of the following at the same time can lead to the sort of explosive inequality dynamics Piketty fears:
- Marries someone at least as wealthy or bequeaths all wealth to one child.
- Consumes very little.
- Avoids paying most taxes.
- Contributes little to charity or politics.
- Invests optimally while avoiding Bernie Madoff and his ilk.
And it is hard to imagine why anyone would care about the existence of such an inbred, self-denying, and politically-removed class, if it could ever exist.