Wednesday, April 23, 2014
I'm sure this is a far too serious book for me to wade through, so I leave the heavy lifting to others who have the smarts and the inclination to do so. However, I think it may become a landmark publication in the world of macro-economics. It appears to be well researched and well thought out. It supports the idea that a natural outcome of unfettered capitalism isn't a utopia but rather the banana-republic oligarchy toward which the U.S. is headed if not already arrived. A possible prescription to keep that from happening could be a tax on wealth to balance out the rich-get-richer-just-because-they-are-rich trend. It also clearly demonstrates the need for strong inheritance taxes and capital-gains taxes. Concentration of wealth in the hands of the rentiers instead of the laborers distorts democracy.