Thomas Piketty, the French economist who wrote a best-selling book on inequality, has defended his work against criticism by the Financial Times of shortcomings in his data.
As leading international economists debated the findings, Prof Piketty said the FT was “being ridiculous” by questioning whether there was an upward trend in wealth concentration among the richest.
Professor Piketty’s 577-page work, a sweeping analysis of changes in wealth and income over two centuries, concludes that “the central contradiction of capitalism” is the tendency for wealth to become more concentrated in the hands of the already rich.
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