Co authored by Ann Pettifor and Geoff Tily
In this review of Piketty’s Capital (Harvard University Press, 2014)
Pettifor and Tily argue that Thomas Piketty’s determinism (which suggests
that inequality is set to continue to rise indefinitely and that interest
and growth are on a preordained trajectory) is wrong. Things don’t have to
be this way. Piketty’s approach arises from his fundamentally neo-classical
approach to interest as the marginal product of capital.