Stephen Kaufmann Quote
One of the biggest advocates on behalf of Piketty is the American Nobel Prize winner Paul Krugman, who is responsible for a large part of the Piketty hype. To be sure, Piketty argues in such a neoclassical manner that Krugman, a so-called neo-Keynesian, is also forced to criticize him. Nonetheless, Krugman is full of praise for Piketty’s book, since he hopes that the striking development of inequality it documents must provoke a will to change things – towards more redistribution, ‘less market’, and ‘more state’. Piketty is thus supposed to have the same effect as John Maynard Keynes, whose writings after the Second World War considerably changed and put their stamp upon economic policy in Western industrial states. At least that is the usual narrative – which, however, is not true.
One of the biggest advocates on behalf of Piketty is the American Nobel Prize winner Paul Krugman, who is responsible for a large part of the Piketty hype. To be sure, Piketty argues in such a neoclassical manner that Krugman, a so-called neo-Keynesian, is also forced to criticize him. Nonetheless, Krugman is full of praise for Piketty’s book, since he hopes that the striking development of inequality it documents must provoke a will to change things – towards more redistribution, ‘less market’, and ‘more state’. Piketty is thus supposed to have the same effect as John Maynard Keynes, whose writings after the Second World War considerably changed and put their stamp upon economic policy in Western industrial states. At least that is the usual narrative – which, however, is not true.
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