The Demolition of Thomas Piketty
May 2, 2016
French socialist Thomas Piketty became a left-wing celebrity two years ago upon publication of his updated version of Karl Marx’s Das Kapital entitled “Capital in the Twenty-First Century.” His main claim, after sifting through mountains of mind-boggling statistics, is that the middle class got only “a few crumbs” from capitalism over the past century, starting with 1910, the year Piketty chose as his starting point.
Economist Tim Kane completely demolishes Das Kapital II by illustrating the astronomical increases in myriad measures of human improvement caused by capitalism over the past century. As with Das Kapital, Capital in the Twenty-First Century tells a tale that is the opposite of reality. (Thanks to Peter Lorenzi).
Dr. Thomas DiLorenzo [send him mail] is president of the Mises Institute. He is a former professor of economics at Loyola University Maryland and a longtime member of the senior faculty of the Mises Institute. He is the author or co-author of eighteen books including The Real Lincoln; How Capitalism Saved America; Lincoln Unmasked; Hamilton's Curse; Organized Crime: The Unvarnished Truth About Government; The Problem with Socialism; and The Politically-Incorrect Guide to Economics.
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