Mr. Piketty and the Classics

Abstract

Thomas Piketty's Capital in the Twenty-First Century (2014) has receivedwidespread attention for its use of data to examine economic inequality. Piketty explicitlyextends the debate of nineteenth century classical economists over income and wealthdistribution. This paper examines Piketty's analysis, comparing it to the interpretations ofclassical economists. The paper demonstrates that Piketty's work is more a revival ofclassical economic theory than an application of contemporary economic theory. (B1)