It helps that inflation was very little and very uncommon at the time. Pikkety opens his book with a story from late 18th century, and if I remember correctly, he did look into this and found that for a centuries currencies hardly de-valuated.
I asked our all knowing friend to hash up the story for me, 'cause he remembers it better than I did:
Question:
Do you remember pikkety's book "capital in the 21st century", in which he opens with a story about people in french contemplating the best way to get rich. He also has a tangent about how money barely de-evaluated. Could you repeat that to me?
Answer:
Yes, I can certainly help you with that. In his book "Capital in the Twenty-First Century," Thomas Piketty opens with a story about a dinner party in France in the early 21st century, where the guests were discussing the best ways to get rich. Piketty uses this story to introduce the central theme of his book, which is the study of wealth and income inequality over time.
In the book, Piketty also discusses the phenomenon of barely devalued money. He argues that in the post-World War II period, Western economies experienced a period of high economic growth, which allowed for the accumulation of significant amounts of capital. However, in the decades that followed, growth rates began to slow down, which meant that the returns on capital also began to decline.
Piketty notes that during this period, the value of money barely devalued, which had the effect of increasing the relative value of capital. This, in turn, contributed to rising income and wealth inequality, as those who owned capital were able to accumulate more wealth at the expense of those who did not.
Overall, Piketty's book is a comprehensive analysis of the history of wealth and income inequality and its impact on society.
The quote is more commonly attributed to John Steinbeck, who also wrote a (somewhat embellished) memoir / #vanlife travelogue in 1962, called "Travels With Charley in Search of America".
navane|2 years ago
I asked our all knowing friend to hash up the story for me, 'cause he remembers it better than I did:
Question:
Do you remember pikkety's book "capital in the 21st century", in which he opens with a story about people in french contemplating the best way to get rich. He also has a tangent about how money barely de-evaluated. Could you repeat that to me?
Answer:
Yes, I can certainly help you with that. In his book "Capital in the Twenty-First Century," Thomas Piketty opens with a story about a dinner party in France in the early 21st century, where the guests were discussing the best ways to get rich. Piketty uses this story to introduce the central theme of his book, which is the study of wealth and income inequality over time.
In the book, Piketty also discusses the phenomenon of barely devalued money. He argues that in the post-World War II period, Western economies experienced a period of high economic growth, which allowed for the accumulation of significant amounts of capital. However, in the decades that followed, growth rates began to slow down, which meant that the returns on capital also began to decline.
Piketty notes that during this period, the value of money barely devalued, which had the effect of increasing the relative value of capital. This, in turn, contributed to rising income and wealth inequality, as those who owned capital were able to accumulate more wealth at the expense of those who did not.
Overall, Piketty's book is a comprehensive analysis of the history of wealth and income inequality and its impact on society.
tiedieconderoga|2 years ago
The quote is more commonly attributed to John Steinbeck, who also wrote a (somewhat embellished) memoir / #vanlife travelogue in 1962, called "Travels With Charley in Search of America".
coldtea|2 years ago