Ira Stoll on What a Top Liberal Economist Gets Right—and Wrong

Capital in the Twenty-First Century,
by the French economist Thomas Piketty, is being hailed as “the
most important economics book of the year—and maybe of the decade”
by Nobel laureate Paul Krugman. The Economist says the
book may revolutionize “the way people think about the economic
history of the past two centuries.” Ira Stoll has read it and
reports that it’s better than you would expect. In fact, Stoll
notes, there is quite a bit in the book that free-market types can
embrace. But unfortunately, Stoll adds, Piketty also ignores many
of the most significant failings of modern liberal economics.

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