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FT's Giles Finds Piketty's 'Wealth Inequality' Work Riddled With 'Data Problems' And Wrong
NewsBusters ^ | May 23, 2014 | Tom Blumer

Posted on 05/23/2014 4:31:00 PM PDT by PJ-Comix

French economist Thomas Piketty has become a darling of the left for allegedly "proving" that, as paraphrased by Chris Giles at the Financial Times, "wealth inequalities are heading back up to levels last seen before the first world war." The Media Research Center's Julia Seymour has described Piketty as a "'rock star' of the far-left," an accurate assessment given praises heaped upon his book and especially his public policy prescriptions by the likes of Alternet and Vox's especially gullible Matthew Yglesias. Seymour also notes that Piketty's work has received a great deal of favorable notice in the establishment press, and that he has met "with the Treasury Secretary" and "(President) Obama’s Council of Economic Advisers."

Of course these "oligarch groupies," as Jeffrey Lord describes them, love him. Piketty favors an 80 percent tax on incomes above $500,000 and a progressive global tax on real wealth (i.e., after subtracting debt). The problem is that FT's Giles, having done a deep dive into the economist's data and spreadsheets, has found serious problems in the professor's work which nullify his conclusions.

Giles has documented his findings in a summary article and a thoroughly detailed blog post. He has found "a series of errors that skew his (Piketty's) findings" consisting of "mistakes and unexplained entries in his spreadsheets."

(Excerpt) Read more at newsbusters.org ...


TOPICS: Business/Economy
KEYWORDS: marxist; socialist; thomaspiketty
"The FT Isn't Just Saying Piketty Made A Mistake — It's Saying He Manipulated Data."

Piketty sounds like a Global Warming climate scientist.

1 posted on 05/23/2014 4:31:00 PM PDT by PJ-Comix
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To: PJ-Comix
... when writing an article on the distribution of wealth in the UK, I noticed a serious discrepancy between the contemporary concentration of wealth described in Capital in the 21st Century and that reported in the official UK statistics. Professor Piketty cited a figure showing the top 10 per cent of British people held 71 per cent of total national wealth. The Office for National Statistics latest Wealth and Assets Survey put the figure at only 44 per cent.
2 posted on 05/23/2014 4:42:07 PM PDT by PJ-Comix (Boko Haram was enabled by Buku Huma)
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To: PJ-Comix
why is ambition inequality never mentioned???
3 posted on 05/23/2014 4:42:44 PM PDT by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -vvv- NO Pity for the LAZY - 86-44)
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To: PJ-Comix
... Frequently ... the source material is not the same as the numbers he publishes.

I believe that is called FRAUD.

4 posted on 05/23/2014 4:43:57 PM PDT by PJ-Comix (Boko Haram was enabled by Buku Huma)
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To: PJ-Comix
... Frequently ... the source material is not the same as the numbers he publishes.

I believe that is called FRAUD.

5 posted on 05/23/2014 4:43:57 PM PDT by PJ-Comix (Boko Haram was enabled by Buku Huma)
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To: PJ-Comix

A leftist communist lies to support progressivism. Shocking!


6 posted on 05/23/2014 4:44:37 PM PDT by Organic Panic
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To: Organic Panic

A Million Little Pieces...of ERRONEOUS data.


7 posted on 05/23/2014 4:46:43 PM PDT by PJ-Comix (Boko Haram was enabled by Buku Huma)
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To: Organic Panic

A lying leftist?

hardly news


8 posted on 05/23/2014 4:47:13 PM PDT by GeronL (Vote for Conservatives not for Republicans!)
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To: PJ-Comix
The basic premise of what Piketty believes is wrong. Arguing about everything else is just window dressing.

Ann Coulter once said something along the lines that we let liberals get away with basic lies, and then the liberals build a giant edifice on top of that faulty foundation, and conservatives end up uselessly attacking the edifice.

9 posted on 05/23/2014 4:49:26 PM PDT by rlmorel ("A nation, despicable by its weakness, forfeits even the privilege of being neutral." A. Hamilton)
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To: PJ-Comix

All Piketty proved was that crony-capitalist, government-over-regulated-and-manipulated industries, especially banking and finance - increasingly benefit the insiders vs. the rest of the public.

No sh** sherlock!


10 posted on 05/23/2014 4:52:26 PM PDT by PGR88
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To: PJ-Comix

Like Michael Bellesiles’ “Arming America,” an anti-gun screed about the history of gun ownership, replete with made up statistics. When an academic review panel demanded his raw research & data, he claimed it had been accidentally destroyed. Complete fraud. Bancroft Prize for history the @-ho!e had been given was taken away.

For leftists, believing is seeing. They are so wonderfully intelligent that just thinking something is true makes it so. Making up “facts” to support their hypotheses is OK (see: IPCC & AGW/CC). Yes, Dan Rather, fake but accurate.


11 posted on 05/23/2014 4:56:36 PM PDT by twister881
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To: PJ-Comix

If the left *really* believes income inequality is a major problem, then why do they love policies that exacerbate it? E.g., those redistributionist policies that end up with everyone poor except for the political class elites?

If they were honest about wanting to minimize poverty, they wouldn’t support any policy—like welfare—that decreases incentives to better oneself.


12 posted on 05/23/2014 5:24:52 PM PDT by exDemMom (Current visual of the hole the US continues to dig itself into: http://www.usdebtclock.org/)
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To: PJ-Comix

The left like robert Reich and Paul Krugman were drooling over him two weeks ago saying how correct an brilliant he was.


13 posted on 05/23/2014 6:51:41 PM PDT by ncfool (Hilary 2016 Procol Harum or Boko Haram. What difference does it make?)
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