Wednesday, May 07, 2014

What I am reading today 5/7/2014

The Economist - The Economist explains Thomas Piketty's "Capital" in four paragraphs -

 "Capital" is built on more than a decade of research by Mr Piketty and a handful of other economists, detailing historical changes in the concentration of income and wealth. This pile of data allows Mr Piketty to sketch out the evolution of inequality since the beginning of the industrial revolution.
I haven't read the book but from what I understand Piketty's findings are that greater / faster economic development means decreased income inequality; slower development means greater inequality.  So how does Piketty plan to fight income inequality?  Through the one method that has been universally shown to slow economic development - taxes.  

The Washington Post - US businesses are being destroyed faster than they're being created. -

The American economy is less entrepreneurial now than at any point in the last three decades. That's the conclusion of a new study out from the Brookings Institution, which looks at the rates of new business creation and destruction since 1978.
Not only that, but during the most recent three years of the study -- 2009, 2010 and 2011 -- businesses were collapsing faster than they were being formed, a first.

Well hell, color me surprised.

The Washington Post - 4 ways to stop the US from becoming a Piketty-style oligarchy -

Hint:  Number 1 is immigration reform, number 3 is higher taxes, work it out from there. 

The Wall Street Journal - China's Property Bubble Has Already Popped Report Says -

“To us, it is no longer a question of ‘if’ but rather ‘how severe’ the property market correction will be,” three Nomura analysts wrote in a report released Monday. And there isn’t much the government can do to head off problems. “There is no policy that is universally right,” says Nomura analyst Zhiwei Zhang.

Well it had to happen at some point.
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