So what is Capital in the Twenty-First Century? Some notes on Piketty’s book


Abstract

According to János Kornai, despite the undeniable original contribution of Capital in the Twenty-First Century, its author offers a partial and distorted analysis of the functioning of the capitalist system, which leads him to mistaken conclusions and to a very limited repertoire of recommendations for politicians. The Hungarian economist criticizes Thomas Piketty particularly for the omission of such aspects as the dynamics of capitalism, competition as a stimulus to act, technical progress and its impact on all aspects of modern human life. He illustrates his views with numerous examples taken from the work of other economists.


Keywords

capital; inequality; distribution of wealth; growth; dynamics; competition; motivation to act; impact of tech - nological progress on all aspects of life


Published : 2016-06-08


Kornai, J. (2016). So what is Capital in the Twenty-First Century? Some notes on Piketty’s book. Public Governance / Zarządzanie Publiczne, (36(2), 7-33. https://doi.org/10.15678/ZP.2016.36.2.01

János Kornai 
Harvard University and Corvinus University of Budapest  Hungary

Fővámtér 8
1093 Budapest, Hungary



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