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Quote by Thomas Piketty

“What is a just society? For the purposes of this book, I propose the following imperfect definition. A just society is one that allows all of its members access to the widest possible range of fundamental goods. Fundamental goods include education, health, the right to vote, and more generally to participate as fully as possible in the various forms of social, cultural, economic, civic, and political life. A just society organizes socioeconomic relations, property rights, and the distribution of income and wealth in such a way as to allow its least advantaged members to enjoy the highest possible life conditions. A just society in no way requires absolute uniformity or equality. To the extent that income and wealth inequalities are the result of different aspirations and distinct life choices or permit improvement of the standard of living and expansion of the opportunities available to the disadvantaged, they may be considered just. But this must be demonstrated, not assumed, and this argument cannot be invoked to justify any degree of inequality whatsoever, as it too often is.”

Book:Capital and Ideology

Work

Capital and Ideology

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Author

Thomas Piketty

Thomas Piketty is a renowned French economist born on May 7, 1971. His research focuses on income and wealth inequality, economic growth, and capital accumulation. Piketty is known for his in-depth studies on inequality and his influential book 'Capital in the Twenty-First Century' has had a global impact. more

“Today, corporate campaigns continue to locate the fight in the economic arena by threatening to disrupt profit making, but not through workers withholding their labor. Instead, a new army of college-educated professional union staff bypass the strike and devise other tactics to attack the employer’s bottom line. New Labor’s over-reliance on corporate campaigns has resulted in a war waged between labor professionals and business elites. Works are no longer essential to their own liberation.”

Capitalism Labor Union Economic Inequality

Book:No Shortcuts

Source: No Shortcuts

“The combination of economic inequality and economic segregation is deadly. It reinforces the advantages of those at the top while exacerbating and perpetuating the disadvantages of those at the bottom. Taken together, they shape not just inequality of economic resources, but also a more permanent and dysfunctional inequality of opportunity.”

Economic Inequality Economic Segregation

Book:The New Urban Crisis: How Our Cities Are Increasing Inequality, Deepening Segregation, and Failing the Middle Class—and What We Can Do About It

Source: The New Urban Crisis: How Our Cities Are Increasing Inequality, Deepening Segregation, and Failing the Middle Class—and What We Can Do About It

“It may seem paradoxical that innovation should increase both the share of income of the richest 1 percent (top income inequality) and social mobility. Yet the comparison among different American states suggests that this is indeed the case. For example, if we compare California, currently among the most innovative states in the United States, with Alabama, which is among the least innovative, we find that the share of the state’s total income that goes to the top 1 percent is significantly higher in California than in Alabama. At the same time, social mobility is substantially higher in California than in Alabama.”

Innovation United States Of America Economic Inequality Social Mobility

Book:The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations

Source: The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations

“The United States incarnates a more cutthroat form of capitalism, while the Scandinavian countries, and to a lesser extent Germany, are the representatives of a more cuddly capitalism. According to this view, insofar as innovation at the technological frontier relies on strong monetary incentives, the countries that aim for frontier innovation should forgo the goals of insurance and equality: in other words, they should renounce “cuddly capitalism” in favor of a “cutthroat” form of capitalism. As for the countries who choose cuddly capitalism, they would have no alternative but growth by imitation of technologies invented by the frontier countries. The “cuddly” countries provide their citizens with greater equality and insurance, but their growth depends ultimately on the growth of the “cutthroat” countries, which, one might say, work for the benefit of the rest of the world.”

Capitalism Innovation Welfare State Economic Inequality

Book:The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations

Source: The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations

“Inequality is much cited for its baleful impacts. In this book, we see inequality as a consequence as much as a cause; if the rich are allowed to enrich themselves through unfair processes that hold down wages, and raise prices, then inequality will certainly rise. But not everyone gets rich that way. Some people invent new tools, drugs, or gadgets, or new ways of doing things, and benefit many, not just themselves. They profit from improving and extending other people’s lives. It is good for great innovators to get rich. Making is not the same as taking. It is not inequality itself that is unfair but rather the process that generates it.”

Innovation Social Justice Economic Inequality Political Economy Rent Seeking

Book:Deaths of Despair and the Future of Capitalism

Source: Deaths of Despair and the Future of Capitalism