Thomas Piketty: New thoughts on capital in the twenty-first century
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French economist Thomas Piketty caused a sensation in early 2014 with his book on a simple, brutal formula explaining economic inequality: r is greater than g (meaning that return on capital is generally higher than economic growth). Here, he talks through the massive data set that led him to conclude: Economic inequality is not new, but it is getting worse, with radical possible impacts. TEDTalks is a daily video podcast of the best talks and performances from the TED Conference, where the world's leading thinkers and doers give the talk of their lives in 18 minutes (or less). Look for talks on Technology, Entertainment and Design -- plus science, business, global issues, the arts and much more. Find closed captions and translated subtitles in many languages at http://www.ted.com/translate Follow TED news on Twitter: http://www.twitter.com/tednews Like TED on Facebook: https://www.facebook.com/TED Subscribe to our channel: http://www.youtube.com/user/TEDtalksDirector
Comments
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That's great why and how we should reconstruct the global taxation and even domestic taxation scheme for much better equality among the societies. Enjoy reading it anyway and reconsider the doctrines and future of the Marxism on going in a few countries.
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When people told me french people didn't speak english very well, I thought "they can't be worse than brazilians", this changed my mind.
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Mr. Piketty's measurements of income are based on INCOME REPORTED ON TAX RETURNS (go to the link from the beginning of the presentation). Rich people are required to report more of their income, while the poor report less or don't have to report at all. This greatly skews the data making the rich look richer then they actually are and poor porrer then they actually are. Furthermore, Taxable income includes income from capital gains. When taxes went down on capital gains, such as in the 1920's and 1980's (see Mr. Piketty's graph at 3:00 ) people disposed of their assets and bought new ones, as it was prime time to do so. The capital gains created in this exchange skew Mr. Piketty's data to show the rich gaining income when they were in fact exchanging dodges for chevys and no new wealth was created. The fact of the matter is you cannot use Taxable income to determine income distribution, and if you do, you get the kind of false apocalyptic analysis here.
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America has more wealth because the Europeans fought two world wars. America profited from supplying this war. Germany won both wars and America was called in by British bankers to defeat the Germans. America took England's empire as payment.
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The source of inequality is education. Education creates massive inequalities for wealth distribution. What's wrong with that? Those who are more intelligent should get more. The trouble is inflating this exaggeration with counterfeiting currency, picking winners and losers, exaggerates the wealth to favor asset owners over laborers. It's a counterfeiting currency crisis, exaggerated since August 15th, 1971. Blame Wall Street and the Fed.
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Gash, that accent is unbearable. Gimme all that in written plz!
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His work is not to find solutions, he made a big analysis about inequality, capital and growth than nobody did before, and that's already a huge step.
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Piketty is one of the finest economists of the 21st century so far, author of a book that has totally changed our view of economics, and all the comments can do is complain about the accent...
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Fuction of nation is becoming smaller, private business companies will controll nation from now.
Google, Amazon,Line , these private business compone's power is becoming bigger than national.
From now , we induvidually should get imformation ,think about it,make decision. and put into practice .
National power will be controlled by individual power and private business naltional. -
>21st century
>being a Communist
Pick one.
Protip: it's the first one, the second one is for retards and it's a failure. -
Gap between rich and poor in USA is increasing. Otherwise, gap between rich country and poor country are decreasing. For example, people Who live in Zimbabwe 's icome are increasing year by year. So the world will become more equal, if gap between rich and poor in world grows, we can just change tax system .
Anyway I acually not interested in pikety's theory,
what I focus is improving techology and human being so that people can save time.
As an aside, Steve Jobs made iPhone to make people focus on human creativeness by removing inefficiency of work. -
The Best is Ludwig von Mises.
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Long on causes and explanations. Short on solutions.
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His data shows that saving is the path to building wealth and that when economies don't grow, inequality grows. Why does any of that mean we need to tax more? Why does any of that mean that inequality in itself is bad? How is any of that an indictment of capitalism? Read The Great Escape by Angus Deaton, or Why Nations Fail by Acemoglu and Robinson. Capitalism is the only source of growth. Maybe the real indictment here is that when governments prop up their cronies (AIG, Goldman, GM) and growth consequently slows, inequality grows. Less government equals more growth equals more income mobility equals less inequality. That's the real story here.
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Look, the most important thing here isn't Piketty's accent but the content of his talk. It's normal, he's French, he studied in French, he worked in French, he still lives in France and French people have a horrible accent when speaking English. I'm lucky enough to be a French Canadian so I can watch his French conferences while understanding his English conferences as well, but you have to understand that here in Canada, you've got thoursands of English-Canadians living in Quebec since 30 years who are unable to say "Oui bonjour" in French. I don't think that English-speakers, as the least bilingual people in the world, can complaint about a guy speaking English with a foreign accent.
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wtf l'accent anglais. Il m'a tué. J'ai arrêté au bout de 45 secondes, mes oreilles saignés. Jpense je vais me contenter de l'écouter en français, ou mieux de simplement le lire.
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There exists a criticism, and I tend to agree, that wealth and capital are not quite the same thing. Capital goods are different from just any other asset and it seems that they are being treated as if they are interchangeable by Piketty.
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Some french people will say that such a bad accent is rare even in France, but I"m not sure. i live in France, my english teacher in school has the exact same accent, and my friends around me too, it's because French people don't listen that much of english oustide of school, and even in school we only work on the grammar aspect, all foreign films are dubbed and like in all countries where the language is spoke by a lot of people around the world, you won't see many bilingual. They are still better at foreign languages than native english people aha (ok it's a joke I don't really know)
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Fellas, it's really not that hard to turn on the subtitles.
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