Thomas Piketty
Full Name and Common Aliases
Thomas Piketty is a renowned French economist whose full name is Thomas Piketty. He is often referred to simply as "Piketty" in academic and public discourse.
Birth and Death Dates
Thomas Piketty was born on May 7, 1971. As of the latest available information, he is alive and continues to contribute to economic thought and policy discussions.
Nationality and Profession(s)
Thomas Piketty is a French national. He is a distinguished economist, author, and professor. His work primarily focuses on wealth and income inequality, economic history, and public policy.
Early Life and Background
Thomas Piketty was born in the Paris suburb of Clichy, France. He grew up in a family that valued education and intellectual pursuits, which laid the foundation for his future academic endeavors. Piketty showed an early interest in economics and pursued this passion by enrolling at the École Normale Supérieure, one of France's most prestigious higher education institutions. He later earned his Ph.D. in economics at the age of 22 from the London School of Economics and the École des Hautes Études en Sciences Sociales.
Major Accomplishments
Thomas Piketty's career is marked by significant contributions to the field of economics, particularly in the study of income and wealth inequality. His groundbreaking research has reshaped the way economists and policymakers understand economic disparities. Piketty's work is characterized by its rigorous analysis and use of historical data to draw insights into contemporary economic issues.
One of his major accomplishments is his role in the development of the World Inequality Database, which provides comprehensive data on global income and wealth distribution. This database has become an invaluable resource for researchers and policymakers worldwide.
Notable Works or Actions
Thomas Piketty is best known for his seminal book, "Capital in the Twenty-First Century," published in 2013. This work quickly became a bestseller and sparked widespread debate about economic inequality. In the book, Piketty argues that the rate of return on capital often exceeds the rate of economic growth, leading to increasing inequality over time. His analysis draws on extensive historical data and offers policy recommendations to address these disparities.
In addition to "Capital in the Twenty-First Century," Piketty has authored several other influential works, including "Capital and Ideology," published in 2019. This book expands on his previous research by exploring the ideological underpinnings of inequality and proposing a more equitable economic system.
Impact and Legacy
Thomas Piketty's impact on the field of economics and public policy is profound. His research has brought the issue of economic inequality to the forefront of global discussions, influencing both academic discourse and political agendas. Piketty's work has inspired a new generation of economists to explore the causes and consequences of inequality, and his policy recommendations have been considered by governments and international organizations.
Piketty's legacy is not only in his scholarly contributions but also in his ability to communicate complex economic concepts to a broad audience. His books have reached readers beyond academia, making economic inequality a topic of public interest and debate.
Why They Are Widely Quoted or Remembered
Thomas Piketty is widely quoted and remembered for his pioneering research on economic inequality and his ability to articulate these issues in a compelling and accessible manner. His work has provided a framework for understanding the dynamics of wealth distribution and has challenged conventional economic theories. Piketty's insights have resonated with policymakers, academics, and the general public, making him a central figure in discussions about economic justice and reform.
His quotes often reflect his deep understanding of economic systems and his commitment to addressing inequality. Piketty's influence extends beyond economics, as his ideas have sparked conversations about the moral and ethical dimensions of wealth distribution. As a result, he remains a key voice in the ongoing dialogue about how to create a more equitable and sustainable economic future.
Quotes by Thomas Piketty
Thomas Piketty's insights on:
Economists have put themselves in a position where what they are doing is supposed to be impossible to understand for outsiders, so they don't even talk - sometimes not even with their girlfriend or boyfriend or friends - about what they are doing.
None of the Asian countries that have moved closer to the developed countries of the West in recent years has benefited from large foreign investments, whether it be Japan, South Korea, or Taiwan and more recently China. In essence, all of these countries themselves financed the necessary investments in physical capital and, even more, in human capital, which the latest research holds to be the key to long-term growth.
In 1980 there was no Internet or cell phone network, most people did not travel by air, most of the advanced medical technologies in common use today did not yet exist, and only a minority attended college. In the areas of communication, transportation, health, and education, the changes have been profound.
Once a fortune is established, the capital grows according to a dynamic of its own, and it can continue to grow at a rapid pace for decades simply because of its size.
To sum up: modern growth, which is based on the growth of productivity and the diffusion of knowledge, has made it possible to avoid the apocalypse predicted by Marx and to balance the process of capital accumulation.
The most striking fact of the day was the misery of the industrial proletariat. Despite the growth of the economy, or perhaps in part because of it, and because, as well, of the vast rural exodus owing to both population growth and increasing agricultural productivity, workers crowded into urban slums.
As I will show, private wealth accounts for nearly all of national wealth almost everywhere. This has not always been the case, however, so it is important to distinguish clearly between the two notions.
In the top centile, by contrast, financial and business assets clearly predominate over real estate. In particular, shares of stock or partnerships constitute nearly the totality of the largest fortunes. Between 2 and 5 million euros, the share of real estate is less than one-third; above 5 million euros, it falls below 20 percent; above 10 million euros, it is less than 10 percent and wealth consists primarily of stock.
I want to be clear that at this stage I am not making a judgment about whether a society of this kind really deserves to be characterized as “hypermeritocratic.” It is hardly surprising that the winners in such a society would wish to describe the social hierarchy in this way, and sometimes they succeed in convincing some of the losers.
One should be wary, however, of the conventional wisdom that modern economic growth is a marvelous instrument for revealing individual talents and aptitudes. There is some truth in this view, but since the early nineteenth century it has all too often been used to justify inequalities of all sorts, no matter how great their magnitude and no matter what their real causes may be, while at the same time gracing the winners in the new industrial economy with every imaginable virtue.