Piketty's Wealth Tax Isn't a Joke
I've complained about Thomas Piketty's "Capital in the 21st Century" and I still think it's been vastly overpraised, but I don't go along with every criticism others have made. As a matter of fact, I think one idea that's been roundly dismissed by fans and critics alike deserves to be taken more seriously: the proposal for a global wealth tax.
From the left, James Galbraith of the University of Texas at Austin says the idea is futile: "Why spend an entire chapter on it -- unless perhaps to incite the naive?" Daniel Shuchman in the Wall Street Journal says it ignores the sources of prosperity: "He breezily assures us that none of this would reduce economic growth, productivity, entrepreneurship or innovation." Tim Worstall at Forbes says it's a logical impossibility. "Mr Piketty's focus on soaking the rich smacks of socialist ideology, not scholarship," says the Economist.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Who Has the World's No. 1 Economy? Not the U.S.
- Trump Falls on Ceremony. He Should Stop Trying.
- Sorry, President Trump. You're No Chester A. Arthur.
- Russia Is Using Marxist Strategies, and So Is Trump
- Trump's Numbers Are Really, Really Bad
- Nafta Gets a Welcome Reprieve
- Goodbye and Good Riddance to the Islamic State