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"The tragedy is that Trump’s program will only strengthen the trend towards inequality."
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Thomas PikettyHow do wealth- and capital-output ratios evolve in the long run, and w — Thomas Piketty
"How do wealth- and capital-output ratios evolve in the long run, and why? Until recently it was difficult to properly address this question, for one simple reason: national accounts were mostly about flows, not stocks. Economists had at their disposal a large body of historical series on flows of output, income and consumption – but limited data on stocks of assets and liabilities. When needed, for example for growth accounting exercises, estimates of capital stocks were typically obtained by cumulating past flows of saving and investment. This is fine for some purposes, but severely limits the set of questions one can ask."
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Thomas Piketty
Thomas Piketty
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Thomas Piketty is a French economist who is a professor of economics at the School for Advanced Studies in the Social Sciences, associate chair at the Paris School of Economics (PSE) and Centennial Professor of Economics in the International Inequalities Institute at the London School of Economics (LSE).
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"Both the Clinton and the Obama administrations frequently went along with the market liberalization launched under Reagan and both Bush presidencies. At times they even outdid them."
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Thomas PikettyQuote
"Ceta, the EU-Canada free trade deal, should be rejected. It is a treaty which belongs to another age. This strictly commercial treaty contains absolutely no restrictive measures concerning fiscal or climate issues. It does, however, contain a considerable reference to the “protection of investors”. This enables multinationals to sue states under private arbitration courts, bypassing the public tribunals available to one and all. The legal supervision proposed is clearly inadequate, in particular concerning the key question of the remuneration of the arbitrators-cum-referees and will lead to all sorts of abuses. At the very time when American legal imperialism is gaining in strength and imposing its rules and its dues on our companies, this decline in public justice is an aberration. The priority, on the contrary, should be the construction of strong public authorities, with the creation of a prosecutor, including a European state prosecutor, capable of enforcing their decisions."
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Thomas PikettyQuote
"Let it be said at once: Trump’s victory is primarily due to the explosion in economic and geographic inequality in the United States over several decades and the inability of successive governments to deal with this."
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Thomas PikettyQuote
"I can now present the first fundamental law of capitalism, which links the capital stock to the flow of income from capital. The capital/income ratio β is related in a simple way to the share of income from capital in national income, denoted α. The formula is"
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Thomas PikettyQuote
"There should be no more signing of international agreements that reduce customs duties and other commercial barriers without including quantified and binding measures to combat fiscal and climate dumping in those same treaties."
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Thomas Piketty