My time these days is spent slowly plowing through the Piketty [up to page 300, more than half the book], so that I can write a long discussion of it before I go to Africa April first. In a fascinating discussion of inequality in the United States, which, as he observes, has now reached the level of inequality in old Europe before World War I, Piketty analyzes what has been happening lately to those in the top 5%, 4%, and 1% of income. I came across this brief passage, which I just had to share:
"Among the members of these upper income groups are U. S. academic economists, many of whom believe that the economy of the United States is working fairly well and, in particular, that it rewards talent and merit accurately and precisely. This is a very comprehensible human reaction." [p. 296]
I mean, you gotta love him!