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Krugman has more remarks (my bolding):

http://krugman.blogs.nytimes.com/2014/04/16/piketty-day-notes/

And let me say that while the core of Piketty's work is his economic analysis, his discussion of the political economy of dynastic wealth is a major additional highlight. I was especially struck by the somewhat paradoxical contrast between Belle Epoque France and Gilded Age America: a notionally egalitarian society in which anything that might challenge the privileges of inherited wealth was beyond the pale, versus a society that celebrated financial success but in which it was considered reasonable and respectable to advocate high taxation for the explicit purpose of reducing inequality. It seems to me that we want some real scholarship -- from political scientists, not (or not just) economists -- to figure out that contrast, and learn lessons that might help us break the cycle of rising dynastic power we face today.
by Metatone (metatone [a|t] gmail (dot) com) on Thu Apr 17th, 2014 at 04:24:17 AM EST
So: I think that is the power of Piketty's book, beyond the various flaws.

Alas, I don't think Political Science as it has been evolving in universities is really up to the job...

by Metatone (metatone [a|t] gmail (dot) com) on Thu Apr 17th, 2014 at 04:25:16 AM EST
[ Parent ]
As long as Political Science is completely mired in Gaussian Statistics anything they say about the political-economy is "Not Even Wrong."  Pareto showed income follows a Power Law back in the 1890s.  

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Wed Apr 30th, 2014 at 01:07:18 PM EST
[ Parent ]
There is nothing wrong with Gaussian statistics, so long as one remembers to apply proper misspecification tests.

And papers which don't apply (and publish) misspecification tests should be filed in the round archive regardless of the statistical model used.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Apr 30th, 2014 at 08:30:26 PM EST
[ Parent ]
Please note I wrote "mired in."  

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Thu May 1st, 2014 at 12:55:08 PM EST
[ Parent ]

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