Need to Know
June 5, 2014 4:05 PM
Thomas Piketty: U.S. inequality is "spectacular"
Posted by Staff
Money Watch:

Several factors help explain why economist Thomas Piketty's groundbreaking new book on economic inequality has been such a surprise hit.

First, "Capital in the Twenty-First Century" is based on an unusually sturdy foundation of cold, hard facts -- specifically, two centuries' worth of income and estate tax records covering 20 countries. This has proved vital for a work of economics, a field in which theoretical and ideological disputes often hinder the task of getting concrete answers to difficult questions.

As Piketty writes in the 685-page "Capital," "Intellectual and political debate about the distribution of wealth has long been based on an abundance of prejudice and a paucity of fact."

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