Sunday, April 27, 2014

How a 700-page economics book surged to No. 1 on Amazon...

"Capital in the Twenty-First Century," at first glance, seems an unlikely candidate to become a best-seller in the U.S. After all, it's 700 pages long, translated from French, and analyzes centuries of data on wealth and economic growth.

But the book, from economist Thomas Piketty, is now No. 1 on Amazon.com's best-seller list, thanks to rave reviews and positive word of mouth. Beyond that, however, the book has something else going for it: "Capital" has hit a nerve with Americans with its message about income inequality.

An economics book becoming a best-seller is "unusual, and it speaks to the fact that Piketty is addressing a really fundamental issue," said Lawrence Mishel, president of the Economic Policy Institute. "He has his finger on a great dynamic, and is changing the terms of our discussion. Rather than asking why low-wage workers are not doing well, it focuses on the wealthy and the role of capital."

The main thrust of the book is that, in the jargon of economists, the rate of return on capital has far outstripped the rate of economic growth. The book also portrays the post-World War II period of economic progress across all classes as an anomaly, not the norm.

The result: mounting income inequality, as the wealthiest Americans gain a growing share of the nation's economic spoils -- and political power. Full story...

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