Response to FT
Thomas Piketty 30 May 2014
‘Capital in the 21st century’ has had an extraordinary – and extraordinarily rapid – impact on the global economic dialogue. It has drawn an extraordinary – and extraordinarily rapid – response, including a front-page critique by an FT journalist. In this column, the book’s author responds point-by-point to the critiques. He rejects the notion that he made outright mistakes. Scholars working with old data make judgments and compromises to expand the dataset; disagreements are inevitable – a point that applies equally to the journalist’s ‘corrections’. In any case, the book’s overall analysis is robust to such critiques.
This is a response to the criticisms - which I interpret as requests for additional information – that were published in the Financial Times on May 23 2014 (see FT article here).1 These criticisms only refer to the series reported in chapter 10 of my book Capital in the 21st century, and not to the other figures and tables presented in the other chapters, so in what follows I will only refer to these series.
Frontiers of economic research Macroeconomic policy
Capital in the 21st century, Piketty