A bestseller in economic literature, Thomas Piketty’s book Capital in the 21st Century (sold nearly 2.5 million copies) attempts to demonstrate the fundamental inequality that generates a return on capital higher than the growth rate of the economy (r> g), but it has been the subject of much criticism. French liberal economists – such as Alain Madelin, Henri Lepage and Nicolas Baverez – have challenged the assumptions, reasoning, figures and graphs presented by the author.
The collective led by Nicolas Lecaussin and Jean-Philippe Delsol – which includes twenty economists, historians and tax experts, including Daron Acemoglu, Martin Feldstein and James A. Robinson – argues that Thomas Piketty’s thesis is more political than economic. The authors claim that economic and social inequalities have not exploded, but rather have been reduced in several areas (including education and health). They consider that “the rich do not eat the bread of the poor”, but that they give it to them, taking risks and creating millions of jobs. Wealth cannot indefinitely grow faster than economic growth, and excessive taxation does not solve problems but rather exacerbates them. According to the authors, Thomas Piketty’s data seem to be used for essentially ideological purposes.
The collective proposes “a reasoned and reasonable argument” opposed to the ideology qualified as “Marxist essence” by Thomas Piketty, by opposing academic criticism and contradictory facts. They recall the main scientific criticisms against “Pikettymania” and denounce its simplistic and populist theses.
Jean-Philippe Delsol is a director of the Association for Economic Freedom and Social Progress (ALEPS). Nicolas Lecaussin is the Director of Development at the Institute for Economic and Fiscal Research (IREF).
