The Problem with Piketty

Föhrenbergkreis Finanzwirtschaft

Charles Gave, Mauldin Outside the Box, May 21, 2014

Thomas Sowell coined a marvelous phrase to describe the well-intentioned social engineers who always know what needs to be done to improve the wellbeing of the downtrodden. He called them “the anointed” and explained how their reasoning always evolves in the same three stages:

1.) They identify a problem, which may or may not exist. But whether it is real or not, they always insist the problem is caused by market failures.

2.) They propose a solution, which inevitably involves a greater role for the State—and for themselves as its high priests (high priests do not work, except within the Temple).

3.) When their solution fails (as it invariably does), they don’t re-examine their thinking, but just complain that it has been implemented with insufficient vigor. Needless to say, they put forward a new and improved plan they…

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