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pinguino (pinguino@social.linux.pizza)'s status on Tuesday, 02-Jul-2024 15:56:48 JST pinguino
@HarbingerOfSalem @freakyselena @paradigma @aral
Here's a link for the article in the screenshot: https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Century#Criticism
It has an unusual amount of criticism for something that is mathematically beyond refute.
In conversation about 5 months ago from social.linux.pizza permalink
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  Capital in the Twenty-First Century
  
  Capital in the Twenty-First Century (French: Le Capital au XXIe siècle) is a book written by French economist Thomas Piketty. It focuses on wealth and income inequality in Europe and the United States since the 18th century. It was first published in French (as Le Capital au XXIe siècle) in August 2013; an English translation by Arthur Goldhammer followed in April 2014. The book's central thesis is that when the rate of return on capital (r) is greater than the rate of economic growth (g) over the long term, the result is concentration of wealth, and this unequal distribution of wealth causes social and economic instability. Piketty proposes a global system of progressive wealth taxes to help reduce inequality and avoid the vast majority of wealth coming under the control of a tiny minority. At the end of 2014, Piketty released a paper where he stated that he does not consider the relationship between the rate of return on capital and the rate of economic growth as the only or primary tool for considering changes in income and wealth inequality. He also noted that r > g...
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pinguino (pinguino@social.linux.pizza)'s status on Tuesday, 02-Jul-2024 15:56:46 JST pinguino
in reply to
@paradigma @HarbingerOfSalem @freakyselena @aral
Money have existed long before any bank or state.
Current fiat money is not created by banks but states (through central banking).
Fixing capitalism fails because there is nothing to fix.

In conversation about 5 months ago from social.linux.pizza permalink
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pinguino (pinguino@social.linux.pizza)'s status on Thursday, 27-Jun-2024 06:38:12 JST pinguino
in reply to
- Church of Jeff
@jeffowski The idea that capitalism created racism, xenophobia, hate, etc is obviously asinine.
But even if it were true, socialism starved to death tens of millions of people in 2 years.
Socialism still is worse.

In conversation about 5 months ago from social.linux.pizza permalink

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