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Thomas Piketty has mined 200 years of data to support his theory that capitalism does not work. Photograph: Ed Alcock for the ObserverSaturday 12 April 2014 15.30 EDT Last modified on Thursday 31 December 2015 19.32 ESTShare on Pinterest Share on LinkedIn Share on Google+Shares58,761Comments2,722 Save for laterSuddenly, there is a new economist making waves – and he is not on the right. At the conference of the Institute of New Economic Thinking in Toronto last week, Thomas Piketty’s book Capital in the Twenty-First Century got at least one mention at every session I attended. You have to go back to the 1970s and Milton Friedman for a single economist to have had such an impact.Like Friedman, Piketty is a man for the times. For 1970s anxieties about inflation substitute today’s concerns about the emergence of the plutocratic rich and their impact on economy and society. Piketty is in no doubt, as he indicates in an

Source: Capitalism simply isn’t working and here are the reasons why | Will Hutton | Opinion | The Guardian