Piketty argues, from extensive historical data, that the hi growth of the 1950s-1970s was unusual, and low growth is the norm.
So we might want to look at another aspect, such as how wealth is distributed - the low growth rate tends to accentuate the accumulation of growth on capital, so those who inherited a lot of wealth capture even more of it over time, without having to do anything with that capital [ such as investing in startups, building next gen transport systems ]. Which means we most likely need a much more aggressive tax on uber-high incomes and uber-large inheritance wealth.
[ Im not saying don't look at wealth creation technologies such as - nanoscale 3d printing, VR-work-from-home, asteroid-mining etc. ]
Reading Piketty's Capital is a bit like waking up in the matrix after taking the red pill - the gradual torrent of facts hits you viscerally, because you really had no idea things were this extreme.
Piketty is one of the rare to actually pinpoint the problem and call it like it is. This NY Times article definitely does not, even if has some of the elements. Even early on it writes: "This trend helps explain why incomes have risen so slowly since the turn of the century". Maybe it is the other way around. I mean, if our economy is based on increasing production for the sake of increasing production, so by the same vain consumption needs to keep up, but then people can't afford consuming, or whatever they are consuming wasn't the result of value addition.
Then there is the CBO farce, and the use and abuse of GDP, and also believing to know what other people actually wants to buy, while also omitting to include what is it that 81% of the people with declining income can buy.
So we might want to look at another aspect, such as how wealth is distributed - the low growth rate tends to accentuate the accumulation of growth on capital, so those who inherited a lot of wealth capture even more of it over time, without having to do anything with that capital [ such as investing in startups, building next gen transport systems ]. Which means we most likely need a much more aggressive tax on uber-high incomes and uber-large inheritance wealth.
[ Im not saying don't look at wealth creation technologies such as - nanoscale 3d printing, VR-work-from-home, asteroid-mining etc. ]
Reading Piketty's Capital is a bit like waking up in the matrix after taking the red pill - the gradual torrent of facts hits you viscerally, because you really had no idea things were this extreme.
As preparation, I recommend watching this short vid on wealth distribution - https://www.youtube.com/watch?v=QPKKQnijnsM