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This paper argues that Piketty's book should not simply be seen as that of an economist, but that it contains significant resources for sociologists to draw upon. These are firstly, this approach to social science and his use of visualizations which chime closely with recent claims about the power of description. Secondly I consider his conceptualization of time and history - which in rebutting epochal arguments about the speed of contemporary change allows for a much better appreciation of the 'long durée'; and finally his conceptualization of social classes and privilege through his elaboration of a sociology of accumulation and inheritance. In all these ways, Piketty's work assists in developing an account of elites and wealth which should be highly productive for future sociology. [ABSTRACT FROM AUTHOR]

Piketty's Capital (2014) primarily describes and analyses changes in the distribution of wealth and annual incomes. This paper focuses on his policy proposals that make up Part Four of the book. Piketty defends the 'social state' but he discusses it largely in terms of distribution and redistribution between tax units. This neglects the important role of social policy in promoting recognition and redistribution of income and opportunities that is related to gender, race, disability and sexual orientation. Nor does Piketty consider inequalities in health which effect life-time incomes, nor the impact of housing policies on house prices and the distribution of wealth. It is argued that Piketty's approach to social security is simplistic and plays down the complexity of competing policy goals. On taxation, Piketty defends progressive taxation and proposes a global capital levy. The latter proposal runs into formidable problems in seeking global taxation in a world of nation states. Rather than seeking a policy that is, for the foreseeable future, wholly politically impractical, a case is made for less idealistic but more practical and urgent tax coordination between nations to address the widespread avoidance of taxation that large corporations and the very wealthy are now permitted - taxation on which the future of the social state depends. The importance of human and social capital, which are largely set aside by Piketty, are discussed. Finally,it is argued that his approach to policy is to describe trends and propose amelioration of growing inequality rather than to identify causes of the trends and propose policies that might address the causes. Nevertheless, the importance of his work in bringing issues of inequality to the fore, especially among economists, is recognized and applauded. [ABSTRACT FROM AUTHOR]

Thomas Piketty's Capital in the Twenty-First Century is remarkable for moving inequality from the margins to mainstream debate through detailed analysis of longitudinal statistics and, for an economist, by advocating an interdisciplinary perspective and writing in a witty and accessible style. With reference to the post 1970 period, when wage increases are largely responsible for the increase in inequality, Piketty shows how patrimonial capitalists (elite managers) in the top decile and centile of the distribution appropriate a growing share of social wealth as a consequence of their 'power to set their own remuneration' in the context of tolerant social norms rather than through their productive contributions. Piketty raises but defers the question of where these social norms come from to other disciplines. A Feminist Economics perspective indicates that these questions are central to a more inclusive form of economic analysis and such an approach would enrich Piketty's analysis in two main ways. First, by paying greater attention to the processes and social norms through which inequalities are produced and justified and second by highlighting the ways in which inequality is experienced differently depending not only on class, but also on other aspects of identity including gender. This approach also suggests that it is necessary to supplement the ex-post redistributive policies recommended by Piketty: a global wealth tax and more steeply progressive income tax, with ex-ante measures to stop the rise in wage inequality in the first place, especially by bridging the huge gulf that exists between those who care for people and those who manage money. [ABSTRACT FROM AUTHOR]

I set out and explain Piketty's model of the dynamics of capitalism based on two equations and the r > g inequality (his central contradiction of capitalism). I then take issue with Piketty's analysis of the rebuilding of inequality from the 1970s to the present on three grounds: First, his model is based on the (neo-classical) assumption that companies are essentially passive actors who invest the amount savers choose to accumulate at equilibrium output - leading to the counterintuitive result that companies respond to the secular fall in growth (and hence their product markets) from the 1970s on by increasing their investment relative to output; this does indeed imply increased inequality on Piketty's β measure, the ratio of capital to output. I suggest a more realistic model in which businesses determine investment growth based on their expectations of output growth, with monetary policy bringing savings into line with business-determined investment; the implication of this model is that β does not change at all. And in fact as other recent empirical work which I reference has noted, β has not changed significantly over these recent decades. Hence Piketty's central analysis of the growth of contemporary inequality requires rethinking. Second, despite many references to the need for political economic analysis, Piketty's analysis of the growth of inequality in the period from the 1970s to the present is almost devoid of it, his explanatory framework being purely mathematical. I sketch what a political economic framework might look like during a period when politics was central to inequality. Third, inequality in fact rose on a variety of dimensions apart from β (including poverty which Piketty virtually makes no reference to in this period), but it is unclear what might explain why inequality rose in these other dimensions. [ABSTRACT FROM AUTHOR]

Thomas Piketty's imposing volume has brought serious economics firmly into the mainstream of public debate on inequality, yet political science has been mostly absent from this debate. This article argues that political science has an essential contribution to make to this debate, and that Piketty's important and powerful book lacks a clear political theory. It develops this argument by first assessing and critiquing the changing nature of political science and its account of contemporary capitalism, and then suggesting how Piketty's thesis can be complemented, extended and challenged by focusing on the ways in which politics and collective action shape the economy and the distribution of income and wealth. Although Capital's principal message is that 'capital is back' and that without political interventions active political interventions will continue to grow, a political economy perspective would suggest another rather more fundamental critique: the very economic forces Piketty describes are embedded in institutional arrangements which can only be properly understood as political phenomena. In a sense capital itself - the central concept of the book - is almost meaningless without proper consideration of its political foundations. Even if the fact of capital accumulation may respond to an economic logic, the process is embedded in a very political logic. The examples of housing policy and the regulation, and failure to regulate, financial markets are used to illustrate these points. [ABSTRACT FROM AUTHOR]

This review compares Piketty and Marx's approaches to capital and time in order to argue for the importance of qualitative measures of inequality. These latter measures emphasize varying experiences across classes and through history of uncertainty and insecurity. They explore how the social rhythms of capital profoundly affect the ability to plan a life-course. Quantitative measures such as those used by Piketty that focus on the amount of capital that accrues through time cannot capture such important phenomenon. This is especially because their calculations rest on absolute amounts of capital recorded in formal state statistics. Their limits are particularly revealed if we consider issues of: informal labour, social reproduction, and changing institutional forms of public debt. If we are to build the inter-disciplinary rapprochement between social science and economics that Piketty calls for it must be through asserting the value of qualitative measures of insecurity and its effects on decision making. These are important to track both at the macro-level of institutions and at the micro-level scale of human lives. It is, therefore, through emphasizing the existing strengths of both anthropology and history that we can meet Piketty's important challenge to make our scholarship relevant to current political and social debates. [ABSTRACT FROM AUTHOR]