There has been much written about the subject of Piketty’s inequality findings, but we don’t think the point about the randomness of capital allocation has been stressed enough.
It’s an extremely important point because of the standing notion, especially in the land of opportunity, that capital always flows to those who work hard enough for it. This is the core basis of the American Dream, a place where there are no barriers to super riches because hard work and ingenuity can always get you to the top level no matter what and that luck plays no part in it at all.
But this is simply not true.…The Financial Times — FT Alphaville
Piketty and the randomness of wealth
Izabella Kaminska
2 comments:
Of topic Tom,but i just want to thank you for the incredible work you do spend your time, post all this excellent stuff as you do! We are all indebted to you Tom! Thank You Sir!!
Thanks, Jan.
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