Financial Times: Expert Review Finds That Thomas Piketty’s “Capital in the 21st Century” Used Erroneous Numbers in Making Its Predictions; When Correct Numbers Are Used, His Central Thesis Fails to Eventuate
Piketty’s main “contribution,” and I use that term advisedly, was attempting to prove that as the rate of return on investment in a country exceeded the growth in GDP, it tended towards a positive feedback loop (similar to that postulated in Global Warming) and caused even further gains in passive investment wealth growth while general wealth stagnating.
Basically, it’s The Rich Get Richer proved (supposedly) by rigorous statistical analysis. And this then supports Piketty’s conclusion that Something Must Be Done.
But when the correct numbers are used, his formulas demonstrate no rise in income inequality in, for example, Europe — with the right numbers, Europe shows no tendency towards growing inequality since 1970.
Okay, here’s where it gets very Global Warming-esque indeed:
Contacted by the FT, Prof Piketty, said he had used ?a very diverse and heterogeneous set of data sources … [on which] one needs to make a number of adjustments to the raw data sources.“
The whole article is worth reading, but FT keeps putting up warnings about cutting and pasting, so I don’t want to include more than that.
I’ve found that with progtards of all stripes, it is best to assume that they are lying somehow, somewhere, or in some way. Because none of their bullshit will work without lies.
Or, as Ace puts it:
A Very Heterogenous and Diverse Set of Data Sources
…proves that I cannot be blamed for what eventuated in Your Mouth.
Maybe he can get together with Michael Bellesiles and they can try to come up with an explanation for their troubles. I mean, an explanation other than an outright admission of fraud.
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