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Saturday
Apr262014

The Dismal Profession is at it Again!

No more boring travellers tales - just a story about the reaction here to a new book - 'Capital in the Twenty-First century', by the French economist - Thomas Piketty. It has caused a real furore, being attacked from both the right and the left, but most importantly, Paul Krugman, and David Brooks appear on the pages of the NY Times today to explain opposing views of the content. And you will not be surprised that Klugman takes the view that the right have been unable to mount any kind of substantive counter attack to the Piketty thesis, other than to revert to name calling - i.e. "he is a Marxist!" 

The columns are well worth a look as they probably define the direction of the economic argument that is likely to evolve over the next few years - and in NZ, particularly should National be returned to power. Will they continue to espouse the 'trickle down' and 'job creator' theories, and resist taxation reform aimed at achieving a fairer outcome for society? - hardly likely, but Key may pull a surprise over Bill English's objections..

A leftist administration is almost committed to correcting some of the profound imbalances that have crept in, but it appears more and more likely that Winston will again be in a position to provide resistance. The 'rich get richer' syndrome is likely to prevail whichever is in power, now that Russell Norman's ill-timed approach has been rebuffed.  

Piketty's thesis certainly rings some bells for me, and I suspect for many others.

 

 

 

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