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.

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