An excellent piece from Eduardo Porter:
Porter notes –
“Shi-Ling Hsu at
the Florida State University College of Law articulates a similar thought in a
critique of the central proposition of Thomas Piketty, the French economist.
Perhaps it is true, Professor Hsu concedes, that inequality will grow
relentlessly because the rate of return to the capital of the rich is higher
than the rate of economic growth, as Mr. Piketty proposed.
Still, he notes,
“Piketty, his supporters and his critics are all missing a huge piece of the
puzzle: the role of law in distributing wealth.” Subsidies, tax treatment,
legal protection and other mechanisms conspire to aid the wealthy while often
serving to damp economic gains.”
Related:
http://vivekjayakumar.blogspot.com/2015/04/ceo-pay-in-america-its-not-really-about.html