Piketty Against Market Fundamentalism

Marshall Steinbaum | Research Economist, Washington Center for Equitable Growth

Free Market Dogmatism Still Going Strong at the University of Chicago

Thomas Piketty, author of Capital in the 21st Century recently visited the University of Chicago’s Economics Department. Marshall Steinbaum, a recent Chicago Ph.D. gives an account of the encounter on his blog, The Steinblog.

“On Friday I attended Thomas Piketty’s two appearances at the University of Chicago, my old stomping grounds, along with my good friend (and now, my coauthor!) Bernard Weisberger. I was eager to see the commotion in person because I was curious whether there would be any discernible acknowledgement on the part of his interlocutors of the huge challenges that Capital in the 21st Century poses to their worldview and their research agendas. And there was, if only in the vehemence with which they denounced Piketty’s arguments and insisted on shifting the terms of the conversation. In my experience, you can always tell when an academic feels his expertise has been exposed to public questioning and found wanting by the frequency of absurd pronouncements stated with ever-increasing confidence as they veer further and further from reality.

What follows is my account of the first event, a discussion between Piketty and two notable economists, moderated by a third. The second event, where Piketty more or less had the floor to himself to present Capital in the 21st Century, was by far the more substantive. Interestingly, the crowd at the first was tilted toward graduate students and faculty, in which context all parties articulated long-held positions and the audience was there to express solidarity with one or the other. The crowd was more undergraduate-heavy at the second event, where Piketty’s presentation presumed a deeper engagement with the issues at hand, and where the atmosphere was much closer to the ideal of free, high-level academic inquiry on an important public matter.”

Read More at The Stienblog

 

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