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RefBan
Tuesday, March 11, 2014
Mom? Dad?
What Kind Of Investor Are You?
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“A political economy theory of everything”
The hosannas for Thomas Piketty’s new book, “Capital in the Twenty-First Century”, have started to roll in. Published in French last year and out in English this month, Piketty’s book, Buttonwood says, “might turn out to be one of the most significant economics books that have been produced since 2000”. The World Bank’s Branko Milanovic goes further, saying it might be “one of the watershed books in economic thinking”.
In the first of a series of posts on the book, Ryan Avent says, “like Marx, Mr Piketty aims to provide a political economy theory of everything.” That theory in a very basic nutshell: economic inequality is a feature, not a bug of modern capitalism. Piketty’s work, Kathleen Geier writes, takes on Simon Kuznets’s notion of a natural curve of inequality that declines as economies mature: “As Piketty demonstrates, Kuznets’s inequality theory was based on fatally incomplete data—he only dealt with one country (the United States), from the years 1913 to 1948.” Piketty’s data is broader and is cross-country; you can see much of it at his World Top Incomes Database.
The key to Piketty’s analysis, Geier writes, is the relationship between the rate of return on capital and economic growth. History has shown that the rate of of return on capital has consistently been higher than economic growth -- check out Piketty’s chart here. When this happens, inequality naturally begins to build on itself through what Milanovic calls “positive feedback loops”. In short, the rich get richer, aided by their own richness. This, the argument goes, is what’s been happening in many economies for the last 30 years or so.
The six-decade period between 1914 and 1973, Thomas Edsall writes, was a historical exception: economic growth rates exceeded the return on capital. But Piketty chalks this up to the impact of two world wars and the Great Depression.
Jacob Hacker and Paul Pierson think the book is a kind of reverse de Tocqueville: where the 19th century French scribe found widespread social equality in America, Piketty, also a Frenchman, finds “a new patrimonial elite”.
Dean Baker writes that “capitalism is far more dynamic and flexible than the way Piketty presents it in this book”. Much of today’s record corporate profit “hinges on rules and regulations that could in principle be altered.” Piketty, it’s worth noting, suggests that things like a “progressive wealth tax at the global scale” can help slow the growth of income inequality. MIT’s Daron Acemoglu wonders if technology and globalization might have been driving inequality of late, rather than it being an inherent quality of capitalism.
If things don’t change, Geier writes, Europe and America could see “rates of inequality and wealth concentration that will not only match but exceed their nineteenth-century peaks”. -- Ryan McCarthy
On to today’s links:
Yikes
Moving to wealthier neighborhoods gives young boys PTSD - Sarah Sloat
UGH
Why is US infrastructure so expensive? "Our greedy and opaque political culture" - Ryan Cooper
Wonks
How aid to the poor is also an investment - Jared Bernstein
The US is two and a half years away from full employment - Matt Busigin
Primary Sources
Jolts: more jobs data, more of the same, consistently muted recovery - BLS
Reminders
There's no such thing as "easy money" - Josh Brown
FWIW
It's hard to measure internet innovation in GDP statistics - Joe Stiglitz
Alpha
Hedge fund investors now have to use passwords, aren't pleased - Reuters
Equals
Women may be hurting their earning potential by avoiding tougher majors - Catherine Rampell
Oxpeckers
Explainers, explained - The Awl
Pivots
SAC Capital has a new name - DealBook
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Liga Champions Barcelona vs Manchester City 13 Maret 2014
Liga Champions Barcelona vs Manchester City 13 Maret 2014 – Pada tengah pekan nanti akan berlangsung kembali lanjutan Liga Champions di babak 16 besar. Akan saling bertemu kembali pertandingan yang cukup seru dan tidak kalah dengan pertandingan lainnya dimana pertemuan antara Prediksi Bola Barcelona vs Manchester City pada leg kedua tengah pekan nanti. Dimana pada leg pertama lalu saat bermain di Etihard stadium Manchester City harus menyerah di tangan tim kuat Barcelona dengan skor 0-2 lewat gol pinalty dari Lionel Messi dan Dani Alves.
Prediksi Barcelona vs Man City - Hal yang kurang memuaskan di dapatkan kedua tim di akhir pekan lalu Taruhan Bola dalam lanjutan kompetisi di negaranya tersebut. Dalam lanjutan Liga Spanyol dimana Barcelona harus bertekuk lutut di markas Real Valladolid dengan skor tipis 1-0 akhir pekan lalu. Sedangkan Manchester City saat menjamu tamunya juga harus menyerah dan tersingkir di tangan tim kasta kedua Liga Inggris Wigan Athletic di akhir pekan lalu dengan skor 1-2 dalam lanjutan Piala FA. Tentunya dengan mudah Barcelona bisa memanfaatkan leg kedua ini karena bermain di stadium Camp Nou — Barcelona.
Dimana pertandingan leg kedua yang mempertemukan kedua tim akan tersaji pada tengah pekan nanti Maret 13, 2014 2:45 AM WIB. Di atas kertas tentunya anak asuh Mauele Pellegrini harus bisa mencetak minimal dua gol apabila ingin lolos ke babak selanjutnya dengan adu pinalty demi menentukan siapa yang layak untuk lolos. Prediksi PSG vs Bayer Leverkusen Sedangkan Barcelona dengan permainan tiki takanya dari Tata Martino untuk bermain menyerang, akan tetapi hanya membutuhkan raihan hasil seri saja sudah cukup mengantarkan Barcelona lolos ke babak perempat final Liga Champions musim ini.
Head To Head Barcelona vs Manchester City :
19-02-2014 Manchester City 0 – Barcelona 2
20-08-2009 Barcelona 0 – Manchester City 1
Lima Pertandingan Terakhir Barcelona :
8-03-2014 Real Valladolid 1 – Barcelona 0
3-03-2014 Barcelona 4 – Almeria 1
23-02-2014 Real Sociedad 3 – Barcelona 1
19-02-2014 Manchester City 0 – Barcelona 2
16-02-2014 Barcelona 6 – Rayo Vallecano 0
Lima Pertandingan Terakhir Manchester City :
9-03-2014 Manchester City 1 – Wigan Athletic 2
2-03-2014 Manchester City 3 – Sunderland 1
22-02-2014 Manchester City 1 – Stoke City 0
19-02-2014 Manchester City 0 – Barcelona 2
16-02-2014 Manchester City 2 – Chelsea 0
BURSA TARUHAN : 0 : 1 ¼
PREDIKSI SKOR PERTANDINGAN : Barcelona 1 vs 2 Manchester City
On The Other Side Of The Camera
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Business Today: Wall Street falls on profit-taking
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