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Picketty on the merit myth

Posted by pnbrown z6.5 MA (My Page) on
Sun, Apr 20, 14 at 8:02

Krugman reviews what appears to be a very interesting new book, that suggests (surprise!) that wealth is self-perpetuating, after all. It has become very d�class� to deny the possibility that wealth and merit are closely associated, but Picketty puts a new spin on the old battle with the Capitalists:

Here is a link that might be useful: high pay, the new way to inherit

Follow-Up Postings:

RE: Picketty on the merit myth

FTA - "Wealth is so concentrated that a large segment of society is virtually unaware of its existence, so that some people imagine that it belongs to surreal or mysterious entities.” "

This reminds me of something I was reading about a few days ago re the fired COO of Yahoo -

"Former chief operating officer Henrique de Castro left Yahoo with a severance package worth $58 million, according to a regulatory document filed Wednesday with the SEC.

The golden parachute is among the most generous in history, and especially notable given that de Castro worked at Yahoo for only 15 months.

De Castro was shown the door in January by CEO Marissa Mayer, apparently due to disappointing performance in improving Yahoo's advertising revenue."

Which isn't even worth a ho-hum anymore, its just accepted that the top corporate folks, as the article says, set their own salaries, only restrained by social pressures, which no longer exist,

Here is a link that might be useful: when they get fired.

RE: Picketty on the merit myth

Well, obviously he must have added at least 58 mil to the value of Yahoo, and far more than that to society, right?

Otherwise we might have to wonder if outcomes and distributions at the very high and low levels are capricious…

RE: Picketty on the merit myth

I saw the interview on Bill Moyers and Krugman's hope is that our society will correct itself as it has done in the past. Let's hope along with him...

RE: Picketty on the merit myth

“There is prodigious strength in sorrow and despair.”
― Charles Dickens, A Tale of Two Cities

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