Think of this as Volume 18, Number 23 of the newsletter I have written weekly since March, 1997. Enjoy.
A lot has been written about Thomas Piketty's “Capital in the 21st Century.”
The bulk of it either objects to Piketty's conclusions or comes from people who haven't read the book.
I have read the book. It's as good as they say. But the point isn't in its conclusions. The point is in its methodology. It's how Piketty drew his conclusions that makes this the most important economic text of the century so far.
Quite simply, Piketty used data. Piketty gathered economic statistics going back over 200 years, during the course of a 20 year study. He analyzed this data using powerful computers that now sit on a desktop and may not have existed in 1990.