On Income Inequality: A French Economist Vs. An American Capitalist
Picture a cozy caf. At a small table, an economics professor from Paris is chatting with a wealthy businessman from New York.
As they sip coffee, they discuss economic history, and often nod and agree.
Then as they stand to leave, each states a conclusion drawn from their conversation. But what they say is exactly, completely opposite.
One says economic history proves governments must impose very heavy taxes to break up concentrations of wealth. The other says governments should cut taxes to encourage wealthy people to pursue even bigger profits.
Huh? Why such different conclusions about the future when they agreed on the past?
Let's go back to the beginning and eavesdrop — and then decide whose conclusion makes the most sense. You can vote at the bottom of this story.
First, meet the debaters:
The professor is Thomas Piketty, author of Capital in the Twenty-First Century, a runaway bestseller about income inequality.
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