Eric Posner and Glen Weyl on Piketty
In The New Republic. A tidbit:
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.