The Financial Times has identified possible compilation mistakes and biased adjustments in French economist Thomas Piketty’s statistics on the history of wealth distribution. More importantly, though, all Piketty’s wealth data suffers from a much more fundamental error: It cannot be telling us what he says it does. Reuters Opinion on the problem with the Piketty problem: http://reut.rs/1rh8eEa
Piketty’s response is slowly emerging. He published a robust, but fairly general, post in the FT. However, he also told Newsweek’s Leah McGrath Goodman that he was ambushed by the FT and not given proper time to respond. Read more at Counterparties: http://reut.rs/1tQ1Ilz
Piketty deserves credit for making his background data publicly available. Even so, the Frenchman’s spreadsheets would, in places, embarrass the greenest investment-banking analyst. Exhibit A is his habit of hard-coding adjustments into Excel formulas. Read more at Breakingviews: http://reut.rs/1tQ24Zx
Watch Thomas Piketty’s interview with Reuters’ Anna Louie Sussman about what is driving the income gap and what can be done to close it: http://reut.rs/1tU9CdA
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