Thomas Piketty

Thomas Piketty ( French: [tɔ.ma pi.kɛ.ti] ; born on 7 May 1971) is a French economist who works on wealth and income inequality . He is a professor (director d’études) at the Ecole des hautes études and sciences sociales (EHESS), associate chair at the Paris School of Economics ^[1] and Centennial Professor at the London School of Economics new International Institute Inequalities. ^{[2] [3]}

He is the author of the best-selling book Capital in the Twenty-First Century (2013), ^[4] welke emphasises the themes of his work on wealth concentrations and distribution of the Past 250 Years. The book argues dat de rate of capital return in developed countries is persistently grotere dan the rate of economic growth, and down therein will cause wealth inequality to increase is in the future. To address this problem Piketty proposés redistribution through a progressive global tax on wealth . ^{[5] [6]}

Biography

Piketty was born on May 7, 1971, in the Parisian suburb of Clichy, Hauts-de-Seine . His parents had bone involved with a Trotskyist group and the May 1968 protests in Paris, but they ‘had moved away from this political position voordat Piketty was born, and a visit to the Soviet Union in 1991 was enough to make im a firm “believe [ r] in capitalism, private property, the market “. ^[7]

Piketty gained a C-stream (scientific) baccalaureat , and after taking scientific preparatory classes , he entered the Ecole Normale Supérieure (ENS) at the age of 18, where he studied mathematics and economics. ^[8] At the age of 22, Piketty was Awarded his PhD for a thesis on wealth redistribution , welke he wrote at the EHESS and the London School of Economics under Roger Guesnerie ^[9] and winning the French Economics Association’s award for the best thesis of the year. ^[10]

After earning his PhD, Piketty taught from 1993 to 1995 as an assistant professor in the Department of Economics at the Massachusetts Institute of Technology . In 1995, he joined the French National Centre for Scientific Research (CNRS) as a researcher, and in 2000 he became a professor (director d’études) at EHESS. ^[8]

Piketty was awarded the 2002 prize for the best young economist in France , and volgens to a list dated November 11, 2003, he is a member of the scientific orientation board of the Association à gauche, and Europe  ( fr ) , founded by Michel Rocard and Dominique Strauss-Kahn . ^[11]

In 2006, Piketty became the first head of the Paris School of Economics , welke have helped set up. ^[12] He left after a few months to serve as an economic advisor to Socialist Party candidate Segolene Royal prolongation the French presidential campaign . ^{[13] [14]} Piketty resumed teaching at the EHESS and Paris School of Economics in 2007. ^[15]

He is a columnist for the French newspaper Libération , and Occasionally writes op-eds for Le Monde .

Thomas Piketty was the partner of the politician Aurélie Filippetti . In 2009, she Sued im for domestic violence. Thomas Piketty acknowledged the complaint and apologized, volgende welke Aurélie Filipetti withdrew re complaint. ^[16]

In April 2012, Piketty co-authored Along with 42 colleagues’ an open letter in support of then-candidate PS ^{[ citation needed ]} for the French Presidency Francois Hollande . ^[17] Hollande won the contest Against the Incumbent’s Nicolas Sarkozy in May of that year. Piketty was unimpressed by Hollande’s tenure, later Describing im as “hopeless”. ^[7]

In 2013, Piketty won the Biennial Yrjö Jahnsson Award , for the economist under age 45 who has “made a contribution to this club in theoretical and toegepast research dat is significant to the study of economics in Europe.” ^[18]

In January 2015, he rejected the French Legion of Honour order , stating therein have refused the nomination Because He did not think it was the government’s role to décide who is honorable. ^{[19] [20]}

On September 27, 2015, it was announced dat he had leg appointed to the British Labour Party’s Economic Advisory Committee , convened by Shadow Chancellor John McDonnell and reporting to Labour Party Leader Jeremy Corbyn . ^[21] The appointment of Piketty, who had to post advised Lord Wood , key policy advisor to former Labour Party Leader Ed Miliband , dat tax rates Could be raised Above 50% for earnings over one million pounds without it impacting the economy, ^[22] was seen as a coup mn for the Labour Party leadership due to his Breakthrough success in the mainstream publishing world. ^[23] Regarding this appointment he stated dat he was very happy to take part and assist the Labour Party in constructing an economic policy dat helps tackle some of the Biggest issues facing people in the UK and therein there was a brilliant opportunity for the Labour party to construct a fresh and new political economy welke will expose austerity for the failure it has leg in the UK and Europe, ^[21] hoewel de have reportedly failed to attend the first meeting. ^[24] In June 2016, he resigned from his role in Labour’s Economic Advisory Committee, Citing concerns over the weak campaign the party had run in the EU referendum . ^[25]

On 2 October 2015 Piketty RECEIVED an honorary doctorate from the University of Johannesburg and one 3 October 2015 he delivered the 13th Annual Nelson Mandela Lecture at the University of Johannesburg. ^[26]

Research

Piketty gespecialiseerd in economic inequality , taking a historic and statistical approach. ^{[27] [28]} His work looks at the rate of capital accumulation in relatie to economic growth over a two hundred year spread from the NINETEENTH century to the present. His novel use of tax records enabled im to Gather Data on the very top economic elite, who had to post leg understudied, and to ascertain hun rate of accumulation of wealth and how this Compared to the rest of society and economy. His most recently book, Capital in the Twenty-First Century , relies on economic data going back 250 years to show dat an ever-rising Concentration of wealth is not self-correcting. To address this problem, have proposés redistribution through a progressive global tax on wealth. ^{[5] [29]}

Study of long-term economic inequalities

A research project on high incomes in France led to the book Les hauts revenus en France au XX ( High incomes in France in the 20th Century , Grasset, 2001) In this housing was based on a survey or statistical series covering the whole of the 20th century , built from data from the fiscal services (bijzonder income tax Declarations). He extended this analysis in his immensely popular book Le Capital au Twenty-first-century ( Capital in the Twenty-First Century ). A study by Emmanuel Saez and Piketty Showed therein the top 10 percent of earners took morethan half of the country’s total income in 2012, the Highest Level Recorded since the government Began collecting the relevant data a century ago. ^{[30] [31] [32]}

Survey on the evolution of inequalities in France

Piketty’s work shows dat differences in earnings dropped sharply prolongation the 20th century in France, mostly after World War II. He argues dat this was due to a decrease in estate Inequalities, while wage inequalities remained stable. The shrinking inequality prolongation this period, Piketty says, resulted from a highly progressive income tax after the war, welke upset the dynamics of accumulation estate at Reducing the surplus money available for saving by the wealthiest. ^{[ Citation needed ]}

The normative conclusion Piketty draws is dat a tax cut and THUS a decrease in the financial contribution to this club to society of the wealthy therein has bone happening in France since the late 1990s will assist in the rebuilding of the earlier large Fortunes of the Rentier class. This trend will lead to the rise of what he calls Patrimonial capitalism in welke a few families control must of the wealth. ^[9]

Through a statistical survey, Piketty ook dat Showed the Laffer effect , welke claims therein high marginal tax rates on top incomes are an incentive for the rich to work less, was then probably negligible in the case of France. ^[33]

Comparative work

Piketty has done comparative work on inequality in other developed countries. In collaboration with other Economists, met name Emmanuel Saez , have built a statistical series based on a similar method-used in his studies or France. This research led to reports on the evolution of inequalities in the US, ^[34] and on economic dynamics in the English-speaking world and continental Europe. ^[35] Saez won the prestigious John Bates Clark prize for this work.

The surveys found that volgende the Second World War , after initially under going a decrease in economic inequality similar to dat in continental Europe, English-speaking countries harbor, on the Past thirty years, EXPERIENCED toenemende Inequalities.

A critic of the Kuznets curve

Piketty’s work has leg discussed as a critical continuation of the pioneering work of Simon Kuznets in the 1950s. ^[36] volgens to Kuznets, the long-term evolution of earnings inequalities was shaped as a curve ( Kuznets curve ). Growth started at the beginning of the industrial revolution, and slackened off later due to the real location of the labor force from low productivity sectors like agriculture to hogere productivity sectors like industry.

Volgens to Piketty, the tendens Observed by Kuznets in the early 1950s Not necessarily a product of deep economic forces (eg sectoral spillover or the effects of technologische progress). Limit download, estate values, Rather dan wage inequalities, decreased, and they ‘did so for reasons dat ulcers not specifiek economic (for example, the creation or income tax). Consequently, the decrease mention anything Not necessarily continuous, and in fact, Inequalities port grown sharply in the United States over the last thirty years, returning to hun 1930 level.

Other work

Besides synthesis surveys welke make up core or his work, Piketty has published in other areas of or in connection with a to economic inequalities. His work on schools, for example, postulates dat onder disparities différent schools, met name class sizes, is a cause for the persistence of inequalities in wages and the economy. ^[37] He has ook published proposals for changes in the French pension system and the French tax system. ^{[38] [39]}

Capital in the Twenty-First Century

Capital in the Twenty-First Century , published in 2013, focuses on wealth and income inequality in Europe and the US since the 18th century. The book’s central thesis is dat inequality is not an accident but Rather a feature or capitalism die kunnen worden reversed only through state intervention. ^[40] The book argues THUS therein unless capitalism is reformed, the very democratic order will be Threatened. ^[40] The book reached number one on The New York Times Bestselling hardcover Nonfiction list from 18 May 2014. ^[41] Piketty offered a “possible remedy: a global tax on wealth.” ^[42]

Bibliography

• Les hauts revenus en France au XXème siècle, inégalités et redistribution, 1901-1998 (ed. Grasset, September 2001)
• Fiscalité et redistribution social dans la France du XX siècle (October 2001)
• L’Economic Affairs des inégalités (ed. La Découverte, February 2004)
• Vive la gauche Americaine! : Chroniques 1998-2004 (Éditions de l’Aube, September 2004)
• Pour un nouveau système de retreat Des comptes individuels the cotisations finances par Repartition (Éditions Rue d’Ulm / Cepremap, 2008) with Antoine Bozio
• On the Long Run evolution of inheritance. France, 1820-2050 (PSE Working Paper, 2010)
• Pour une revolution tax (ed. Le Seuil, 2011) with Emmanuel Saez and Camille Landais
• Peut-on Sauver l’Europe? Chroniques 2004-2012 (Les Liens qui Libèrent, 2012)
• Le Capital au Twenty-first-century (Seuil, 2013)
• Capital in the Twenty-First Century (Cambridge, MA: Belknap Press , 2014)
• About Capital in the Twenty-First Century (AER 2015)
• Carbon and Inequality: from Kyoto to Paris (L. Chancel, T. Piketty, PSE 2015)
• Chronicles: On Our Troubled Times (T. Piketty, Viking 2016)

• Criticism of capitalism

References