Piketty's (and David Parker's) blind spot

As Minister of Revenue David Parker is a supporter of French statistician Thomas Pique (who argues that the world is conducive to "participation in socialism" ), it is the policy of the FCT that governs the "higher" taxation and control that Parker recently announced. Sometimes the system should remind us of one of Pickett's blind spots, as Steve Fritzinger mentioned in this guest post, when both are happy to attack assets (and taxes), neither he (nor Parker) has an idea what that fortune was like. created. Who really needs...

Beckett (and Parker) Blind Spot.

Another guest post by Steve Frisinger

I'm an old joke, President Bush (whatever it is) claims that the problem with the French is that they don't have the word "businessman". I don't know if this is a joke for Bush, or for the French, or for both. I know that readers of Capital in the Twenty-first Century by the French economist Tom Piquet can be sure that the joke is true.

Beckett's essay is a 700-page economic volume. This should show that the main problem with capitalism is that investment returns automatically grow faster than the economy as a whole. If true, it would enable a small group of investors to capture a growing share of global wealth. After all, these economic gentlemen will own basically everything. the whole earth. All cars. All possibilities for a happy life.

According to Pike, the only thing that saved us from this fate was the massive devastation caused by several world wars. Had it not been for that silver lining in the rest of those same black clouds, the common man would have already finished sailing, to live the joys of a filthy rich empty layer doing nothing.

Since its publication, Beckett's book has received good reviews and ratings. The progressive left believed that capital was the ultimate justification for their political programme. On the other hand, free market economists have questioned the source and method of obtaining the data. Scholars on both sides have debated his policy recommendation for a global wealth tax to highlight the illicit benefits of the wealthy.

Other commentators are more qualified than me to judge the empirical quality of PCT work. It is better to focus on his strange blind spot.

As for the book of fortune, Beckett asks vehemently where this fortune came from. In the first half of the book, the term "entrepreneur" was used only in the technical sense of self-employment income. There is almost no idea that entrepreneurs take risks and work hard to create a new business.

For Beckett, wealth is something inherited or something that a person is lucky enough to have. Those who earn investment income do not save. They do not participate in social activities. They do not fund new projects or launch new products.

According to Bechet, they are "rented," a word a French acquaintance told me, which has an unpleasant, perhaps even sloppy, meaning. This means the tenant will never lift a finger. As a gangster, the tenants belong to all economic activities that take place in his "region", because he controls it.

As a success and failure investing partner, I can tell you that PKT is not as simple as people thought decades ago. Mark Andreessen, a famous tech investor, stated in a recent interview : “The funny thing about PKT is that they trust their ROI more than any professional investor I've met in my life. Invest in the market for a year or 100 and set it at an amazing price.” He never explained How could this happen."

About half of Beckett's book admits that his portrayal of the tenant can be a bit harsh. He assures the reader that he uses the word only in a narrow technical sense and does not offend him.

But this story comes after discussion of hundreds of rental sites and about tenants willing to lie, cheat or even kill to maintain their lustful status. Beckett often turns to characters in Jane Austen and Junior de Balzac novels to realize just how bad the "host" is. After so many capitalist villains, economists think they'll protest a lot. An inattentive reader may skip Beckett's remarks and walk away thinking that forks and torches are fine.

While his understanding of how productive capital works can be somewhat overwhelming, there is a capital that fully aligns with the expectations of the FCT. This is political capital. Having strong friends is the closest thing to a risk-free, high-return investment.

For example, the words of former US Secretary of State Hillary Clinton. Clinton claims that when she and President Clinton left the White House in 2001, they were worse off than Grandpa Brooke. In fact, they were in debt. Today, Clinton has more than $100 million in data from 1 percent to 1 percent in the 12 short years since the deadlock. This is the rate of return that Professor Beckett must rock in his shoes.

Beckett is not afraid of a return to political power, but considers it a solution to our problems. He called for a global property tax of 80 percent, with periodic supplementary assessments, to abolish the large property tax and reduce inequality in funding government programmes. Implementing this tax would require the equivalent of a global financial system of the National Security Agency, capable of tracking any economic transaction anywhere and ensuring that the global police force does not shirk its responsibilities.

The FCT appears indifferent to the abuses of such an organization.

To protect us from a potential economic elite that has too much control over our lives, the Counter-Terrorism Agreement would give more power to the current political elite that already has too much control over our lives. Fortunately, Beckett himself admits that he has no chance of realizing his plan. However, that doesn't stop progressives from trying. How much damage it can do to the world can be expected for the rest of us to live in Balzac's novel.

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Steve Fraser is a business consultant in the Washington, DC metro area. He is a regular economist for the BBC World Service Business Daily, where he uses Austrian economic concepts to explain current events and other mysteries. He composed commentary on "Fear the Boom and Bust", Keynes/Hayek's first rap video, and blogs on 2nd Hand Ideas . Steve Liberty co-founded Toastmasters, a DC band that helps Liberty fans develop public speaking skills, and is a member of Liberty on the Rocks DC.

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