How Google Works is a fascinating look inside one of the most unique and effective corporate cultures anywhere. If you run a business or aspire to, or if you are starting one, you will almost surely come away with useful ideas.
Best Columns: Business By Robert Rosenkranz, The Wall Street Journal
“A critic of inequality backtracks”
French economist Thomas Piketty became the darling of the “redistributionist” crowd when his tome Capital in the Twenty-First Century became a big-think sensation last spring, said Robert Rosenkranz.
The economist’s book caused a sensation last year, but now he says the redistributionists drew the wrong conclusions.
‘Capital in the 21st Century,” a dense economic tome written by French economist Thomas Piketty, became a publishing sensation last spring when Harvard University Press released its English translation. The book quickly climbed to the top of best-seller lists, and more than 1.5 million copies are now in circulation in several languages.
The book’s central proposition, that inequality in capitalist societies will inevitably grow, can be summed up with a simple equation: r>g. That is, the return on capital (r) outpaces the growth rate of the economy (g) over time, leading inexorably to the dominance of inherited wealth. Progressives such as Princeton economist Paul Krugman seized on Mr. Piketty’s thesis to justify policies they have long wanted—namely, very high taxes on the wealthy.
My latest column for the Huffington Post challenges conventional wisdom that deflation is bad. On the contrary, deflation driven by the rapid decline in oil prices is good news for America. Declining oil prices are, for the average family, the economic equivalent of a large tax cut. This is one “gift horse” we shouldn’t be looking in the mouth.