This is what paul krugman nostalgically refers to as the america we lovethe. Piketty first came to prominence with his collaborator professor emmanuel saez during the mid2000s when they published several carefully researched studies of income inequality in the united states. At the tax policy center, a joint venture of the urban institute and brookings institution, my colleague dean baker strongly agreed with piketty s proposal to tax wealth, but argued for a plan b, among other reasons because plan a may prove to be politically difficult or. In an email, baker wrote that a big part of the appeal is that it allows people to say. Piketty s first stop, several economists suggested what they consider better and more achievable ways to counter inequality, such as investing in public education, job creation, and infrastructure. Dean baker brad delong on piketty s likely response to rent argument significant because rent. Why is it so hard for democracy to deal with inequality. Beat the press brad delong on piketty s likely response to rent argument dean baker codirector of the center for economic and policy research in washington, dc see also asymptosis yes. How globalization and the rules of the modern economy were structured to. An economics, investment, trading and policy blog with a focus on modern monetary theory mmt. In a shiny new documentary, the ideas of inequality critic thomas piketty are writ large. Boarding the 6 oclock from fairfield to flinders st i bumped into some lovely. Dean baker surge of attention to crusading economist. The opinion pages contributing oped writer thomas piketty and his critics may 14, 2014.
Where piketty excels is in tracing the history of economic inequality and analyzing its causes. Piketty, drawing on two centuries of data in 20 countries, concludes that extreme and potentially destabilizing increases in inequality may be in our future absent changes in public policy. Causes and consequences find, read and cite all the research you need on researchgate. He is frequently cited in economics reporting in major media outlets, including the new york times, washington post, cnn, cnbc, and national public radio. The main takeaway from piketty s book, of course, is that we need to worry about the growing concentration of capital, in which people like microsoft cofounder turned megaphilanthropist bill gates and his children will control the bulk. Dean baker of the center for economic and policy research and kevin hassett of the american enterprise institute will provide commentary. Baker s first major screen role was the supporting part of luz benedict ii in giant 1956, opposite elizabeth taylor, rock hudson, and james dean, in his final role. The upward redistribution of income center for economic and. Piketty provided a brief synopsis of his book while dean baker of the center for economic and policy research and kevin hassett of the american enterprise institute provided commentary. In praise of the utopian political imagination the nation.
Piketty, drawing on two centuries of data in 20 countries, concludes that extreme and potentially destabilizing increases in inequality may. Dean baker surge of attention to crusading economist piketty s new book takes us to the big question of how to reduce inequality this raises the obvious question of what can be done to offset this tendency toward rising inequality. Piketty thinks that merely turning this into a tax on net. Funding a national singlepayer system medicare for all. He writes a weekly column for the guardian unlimited uk, the huffington post, truthout, and his blog, beat the press, features commentary on. Dean baker is an economist and codirector at center for economic and policy research cepr working paper. Dean baker brad delong on pikettys likely response to.
Dean baker on pikettys capital in the 21st century. Equitable growth supports research and policy analysis on how trends in economic inequality and mobility and changes in the economy have affected the concentration of wealth, income, and earnings, and how these distributional shifts have affected the promise of economic security and opportunity. Thomas piketty s new book on the history and future of capitalism harvard university press is a bold attempt to pick up where marx left off and correct what he got wrong. Piketty, in baker s view, sees the market outcomes as largely given and. Economist dean baker specifically cites the telecom industry. How globalism is rigged to make the rich richer wdean baker. Dean baker is senior economist at the center for economic and policy research in washington, dc. If you order through us, there will likely be significant delays.
By dean baker in the years since 1980, there has been a welldocumented upward redistribution of income. Dean baker is codirector of the center for economic and policy research in washington, dc. The debate will be informed by paris school of economics professor thomas piketty s new book, capital in the twentyfirst century. We all owe a debt to thomas piketty and his various coauthors for hugely advancing our understanding of income distribution. Baker then thoroughly debunks such inevitability, providing what amounts to a powerful derigging manual to the growing number of us who want a global. Dean baker on piketty s capital in the 21st century full interview, part 1 duration. He is a regular truthout columnist and a member of truthouts board of advisers. Piketty has been very open to other progressive policy proposals in discussions since his book came out. At another seminar, economist dean baker, codirector of the center for economic and policy research in washington, d.
If you are a student at umassamherst or bentley, please order through collective copieslevellers press link here. Bradford delong university of california at berkeley and nber paul krugman princeton university and nber draft 3. Rentseeking society archives page 2 of 2 equitable growth. The big picture interview w dean baker, center for economic and policy research c. Dean baker on piketty s capital in the 21st century full interview, part 1.
Paul krugman calls it the unified field theory of inequality. How globalization and the rules of the modern economy were structured to make the rich richer is a mustread for the many who believe the status quo is unsustainable. Branko milanovic in the journal of economic literature. Yves smith and dean baker on secrets in trade duration.
But dean baker points out where marx got it wrong, and where an optimist can hope that piketty s got it wrong. In clear and compelling terms, baker makes the case for rewriting the rules so that markets lead to truly progressive outcomes. Dean baker born july, 1958 is an american macroeconomist and cofounder, with mark weisbrot, of the center for economic and policy research cepr in washington, d. Dean baker called for policies aimed at lowering the return to capital by greatly reducing economic rents in the financial sector and other parts of the economy that benefit substantially from various forms of government protections, including pharmaceuticals and health care.
Board of editors, past contributors, submissions and etc. Contra dean baker, i suspect that thomas piketty would. We seek the truth, avoid the mainstream and are virulently antineoliberalism. Piketty s data show that northwest european countries and japan have,, the world. Galbraith takes on thomas pikettys capital in the twentyfirst century. Piketty and policy center for economic and policy research.
Dean baker, economic policy in a post piketty world, huffington post apr. Before addressing the center of piketty s argument, it is worth clarifying piketty s focus. At those events, as in the book, piketty warned that unless we can lower the rate of return to capital r below the rate of growth g in the overall economy, it will be very hard to block rising inequality in income and wealth at a national and a global scale. Pdf on jun 1, 2017, dean baker and others published trumponomics. Thomas pikettys new book, capital in the twentyfirst century. Opinion thomas piketty and his critics the new york times. The dramatic titles of other recent books reveal the current mood of inquiry, be it thomas shapiros toxic inequality. Dean baker, codirector of the center for economic and policy research, a liberal economic think tank, took a harsher view of liberals attraction to piketty. Dean baker is the codirector and an economist at the center for economic and policy research, in washington d. He is credited as being one of the first economists to have identified the 20072008 united states housing bubble.
It is a useful overview pdf, but better link here of some of the major problems in the argument, here is one key passage. While there is much that is useful in this lengthy and wellwritten book piketty and his translator arthur goldhammer can fight over credit, it owes too much to the master, and not in a good way. By changing our institutions, laws, and regulations the rules of the capitalist game we can head off that seemingly inevitable downward spiral. Dean baker, one of the founders of the center for economic and policy. Nitpiketty a comment on thomas pikettys capital in the twenty. Contra dean baker, i suspect that thomas piketty would say that the ability of the rich to manipulate property rights and market power in order to keep the rate of profit high even as the economy becomes more capitalintensive is a feature that is intrinsic to capitalism. Worlds richest man tries to defend wealth inequality. Comment on capital in the 21st century by dean baker we all owe a debt to thomas piketty and his various coauthors for hugely advancing our understanding of income distribution at the top. Pikettys capital in the 21st century on capital w dean. Comparisons to marxs great capital abound perhaps not entirely unsolicited. While its not entirely clear who coined the phrase socialism for the rich, free enterprise for the rest, its ability to provoke and, more importantly, to describe is beyond question.
Dean baker is a macroeconomist and senior economist at the center for economic and policy research in washington, d. Thomas piketty s new book, capital for the 21st century, has done a remarkable job of focusing public attention on the growth of inequality in the last three decades and the risk that it will grow further in the decades ahead. Concentrated wealth and inequality crushes economic growth. According to baker, she had been offered numerous leading parts in feature films before that point, but chose to debut in a supporting role in giant because she was insecure and wanted to start out a little less profile. Piketty thinks the only answer is a global wealth tax, which he admits is a political nonstarter. Unlike marxs capital, which explicitly focused on money invested for profit, piketty lumps all forms of wealth together for his analysis. He previously worked as a senior economist at the economic policy institute and an assistant professor at bucknell university. Occupational licensing and economic rents remarks by jason furman chairman, council of economic advisers. Ten ways to fight inequality without pikettys wealth tax. The piketty phenomenon and the future of inequality. Dean baker center for economic and policy research j.