Since its publication in 2014, the French economist’s international bestseller has drawn criticism for its claim that capitalism is responsible for rising wealth inequality. The flaws of its theoretical model derive from dubious unstated assumptions that undergird Piketty’s “two fundamental laws of capitalism.”

Juan Ramón Rallo is professor of economics at Universidad Francisco Marroquín.
Economic History and DevelopmentEconomic PolicyEconomyEntitlements and WelfareFood StampsMedicare, Medicaid, and ObamacareSocial Security
Other Independent Review articles by Juan Ramón Rallo
Winter 2022/23 Knightian Uncertainty in Capitalism and Socialism
Winter 2019/20 Hayek Did Not Embrace a Universal Basic Income