"...Above all, they have shut their eyes to the basic fact of capitalism, as elucidated two years ago by Thomas Piketty: that the natural processes of capitalism make capital grow faster than the economy as a whole...." DK
'The economy', unfortunately, begs the question of the meaning of 'growth'.
With modern globalization, the concept of a national economy itself became obsolete.
Everyone here, since WWI, Wilson, wanted to render the nation state obsolete. They succeeded.
This is the key problem with Piketty, he avoids the 800 pound economic gorilla of globalization, and especially of economic income convergence, in the room.
I have made this point already on this blog. Terms search: Piketty
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