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Almost all the commentary about Thomas Piketty's book, Capitalism in the Twenty-First Century, is about his thesis that wealth inequality is large and growing. Whatever the truth about those two claims, there is much more to his book. Piketty claims that when governments run deficits, rich people who buy the government bonds do better than if governments balanced their budgets by raising taxes. Piketty also claims that high executive compensation in the United States has little to do with managers' productivity and almost everything to do with the cozy relationship between managers and corporate boards. George Mason University economist Don Boudreaux challenges both claims.
MORE ARTICLES BY DONALD J. BOUDREAUX

This month, Arnold Kling considers the relationship between genetics and a nations wealth, reviewing Nicholas Wade's A Troublesome Inheritance. While both Wade and Kling acknowledge the importance of institutions to prosperity, Kling finds the link to race and genetics tenuous.
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FEATURED COLUMNS

THINKING STRAIGHT

Anthony de Jasay

Distributive Justice, Wet Rain

Anthony de Jasay
August 4, 2014
To reflect his broader current interests, Anthony de Jasay has changed the title of his column from "Reflections from Europe" to "Thinking Straight." This month, Anthony de Jasay reviews standard reasons for distributive justice and finds them wanting.
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AN ECONOMIST LOOKS AT EUROPE

Pedro Schwartz

The Conundrum of Crowned Democracies

Pedro Schwartz
August 4, 2014
Pedro Schwartz reflects on the new Spanish monarch this month. Drawing on Bagehot and Machiavelli, he makes the claim that crowned monarchs play a very beneficial and very real role in the democracies in which they exist. In so doing, Schwartz also offers some advice to the new King.
MORE ARTICLES BY PEDRO SCHWARTZ