Piketty Doesn't Understand Capitalism

Years ago I drove from London to Edinburgh in Scotland with stops to visit family on the way. I had a commission from a guy in Spokane to go to a particular store in Edinburgh and buy some single-malt Scotch whisky. The closer I got to Scotland the more people seemed to know about whisky. One relative even showed me a book on Scotch complete with Wine Spectator style ratings. When I got to Edinburgh the man in the store was contemptuous of the Scotch book's author. “The man's a buffoon.  He knows nothing of whisky.” Having read nearly all of Thomas Piketty's Capital in the Twenty-First Century I'm tempted to say the same. Piketty seems to know nothing about capitalism. But then why would he? Born into a lefty family, educated at a grande école, raised to head up the new Paris School of Economics at age 34, advisor to lefty politicians, how in the world could the poor man know anything about capitalism? The...(Read Full Article)

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