Friday, 13 July 2018

The Preconditions of Socialism: a Critical Review (x)


“Das ist nicht nur nicht richtig; es ist nicht einmal falsch!” Wolfgang Pauli.

In the last two posts in this series we’ve introduced Thomas Piketty’s “capital” inequality data. As is well-known, Piketty and co-workers derive their findings largely from tax return data. Bernstein employed similar data.

Piketty’s results seem to corroborate Marxist views on distribution of wealth. Bernstein’s, however, contradict them. Someone has got to be wrong. It’s time to scrutinise Bernstein’s empirical argument.

Monday, 9 July 2018

No Post Last Week.


No post last Saturday (AEST), since I've been a little unwell. I should be able to resume my critical review of Preconditions next Saturday.

Friday, 29 June 2018

The Preconditions of Socialism: a Critical Review (ix)

It’s time to go back to Thomas Piketty’s data and their application to the assessment of Preconditions.

A first question about Piketty’s 1910s Europe “capital” data would be how representative of a particular, historical, observed national economy that data are?

At the World Inequality Database the only series (personal wealth distribution: analogue of “capital”) with data for the lowest 50%, the middle 40%, the upper 9% and the top 1% I could find for that general time period was the one for France, for the years 1902, 1903, 1904, 1905, 1907, 1909, and 1910.