Scott Alexander summarizes and analyzes various critiques of Thomas Piketty's 'Capital in the Twenty-First Century', finding that many of Piketty's key claims don't hold up well under scrutiny. Longer summary

This post summarizes various critiques and discussions of Thomas Piketty's book 'Capital in the Twenty-First Century'. Key points include: Matt Rognlie's criticism that Piketty didn't correctly account for capital depreciation, and that recent capital-share growth comes primarily from housing. The post questions Piketty's claim about higher returns for the super-rich, with various commenters providing insights on investment strategies and market behavior. It also discusses critiques of Piketty's income distribution statistics and data interpretation. The post concludes that many of Piketty's main claims, such as the rising rentier class and much better returns for the super-rich, don't hold up well under scrutiny, though some of his rules of thumb for growth are more robust than expected. Shorter summary

Scott Alexander shares and comments on key passages from Piketty's 'Capital in the Twenty-First Century', discussing historical economic trends and their modern implications. Longer summary

This post is a collection of passages highlighted by Scott Alexander in his reading of Thomas Piketty's 'Capital in the Twenty-First Century'. Scott provides commentary on various economic and historical insights from the book, including the failure of past economic predictions, the role of inheritance in society, the history of taxation and public debt, and how wealth inequality has changed over time. He draws parallels between Piketty's observations and rationalist thinking, and reflects on how these historical economic trends relate to modern society and politics. Shorter summary