In the 1960s, Nobel laureate economist Simon Kuznets conducted rigorous empirical analyses to conclude that capitalism inevitability decreases inequality. The elegant bell-shaped Kuznets' curve shows inequality at first rising with capitalism and then falling as countries reach advanced stages of development. More than fifty years on, in post-2008-recession America, 42-year-old French economist Thomas Piketty has become talk of the town for using Kuznets' methods – and turning his conclusion on its head.
The Tax Man Cometh: Uh-oh He's French...
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