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Daily Piketty: Ummm... No...

Alex Tabarrok: The Piketty Bubble?: "Piketty’s Capital is not very clear on how to distinguish...

...greater physical capital from higher asset prices. For the most part, Piketty discusses capital as something that builds up over time through savings...

Ummm... No. Simply no.

For the most part, Piketty discusses the accumulation of capital as something that proceeds via the reinvestment of the returns on capital.

When your first sentence is 180-degrees wrong, you are not likely to be on the right road...

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