Wealth inequality in New Zealand examined in new book

Wealth inequality in New Zealand examined in new book

The Piketty Phenomenon collects New Zealand responses to Thomas Piketty’s groundbreaking argument that inherited wealth will always grow faster, on average, than earned wealth.

Piketty’s thesis, contained in his bestselling bookCapital in the Twenty-First Century, has energised debate internationally. Hailed by The Economist as ‘bigger than Marx’ or dismissed by the Wall Street Journal as ‘medieval’, his findings are widely acknowledged as having significant economic and political implications.

The Piketty Phenomenon brings the debate to New Zealand, with pithy independent assessments of Piketty’s findings. Contributors to this new BWB Text include: Geoff Bertram, Simon Chapple, Donal Curtin, Brian Easton, Max Harris, Tim Hazledine, Bernard Hickey, Prue Hyman, Hautahi Kingi, Gareth Morgan, Matt Nolan, Max Rashbrooke, Susan St John, Robert Wade and Cathy Wylie.

The debate can be seen across the book’s independent contributions, with many pointing to the significance of Piketty’s findings:

‘Piketty’s book is a bombshell, promising a Kuhnian scientific revolution.’ Geoff Bertram

‘Thomas Piketty forces us to view the economy in a different way. At the same time, he offers New Zealand a new opportunity to lead the world in our response.’ Hautahi Kingi

‘Piketty’s achievement has been to put wealth front and centre, in the spotlight. It is not now likely to vanish back into the shadows.’ Max Rashbrooke

Others express reservations or highlight issues neglected to date by the wider discussion:

‘Leaping to emphasise inequality outcomes should take a back seat to focusing on equality of opportunity.’ Donal Curtin

‘Piketty’s “the past devours the future” proposition of a return on capital higher than the overall rate of growth is certainly striking, but I am not convinced.’ Tim Hazledine

‘The absence of gender in discussions of inequality is regrettable partly because the emphasis feminist economists place on wealth and income distribution should put them at the centre of the debate.’ Prue Hyman

The Piketty Phenomenon is being launched this Thursday with a panel discussion at the Royal Society in Wellington, chaired by Bernard Hickey, with panelists Geoff Bertram, Brian Easton, Prue Hyman, Matt Nolan, Max Rashbrooke and Cathy Wylie.

ENDS

© Scoop Media