Piketty: Inequality returning to 19th-century model

Economist Thomas Piketty wears a dress shirt in the French style.

Economist Thomas Piketty wears a dress shirt in the French style.

If you like totalizing theories of economics the way I do—which is to say, if you like reading descriptions of those theories—you have probably heard about Thomas Piketty and Capital In the 21st Century. The English translation of the 700-page book has been well-received since its publication last month, and Piketty has been interviewed in just about every outlet imaginable, including the New York Times. That one is worth reading, if for no other reason than for his observation that the income distribution that characterized the late 19th and early 20th centuries, when “the top 10 percent of the distribution was full of rental income, dividend income, interest income,” is coming back.

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