Discussing the views of Piketty on inequality, with an eye towards Henry George

74. In U.S., top 10% of laborers make greater return than bottom 50%

75. Half of population own virtually nothing -- page 257

76. No society has ever existed in which capital inequality is only mild -- page 258

77. Wealth is so concentrated that the bottom 50% is almost unaware of its existence. -- page 259

78. The truly wealthy become that way through stock and business partnerships -- page 260 Prof. William Lazonick and others have documented that as much as 90% of corporate profits are plowed back into buybacks and dividends, leaving just 10% to grow the business, so this makes Piketty's observation much less benign

79. 1900-1910 Europe -- The richest 1% owned 75% of all wealth -- page 261 This puts into question the commonly assumed "revolution tipping point" at lower GINI ratios or when the wealthy 1% own about 40% of the wealth. Why the difference? Might historical royalty allow for greater wealth inequality?

80. Today's middle class lays claim to - to 1/3 of national wealth. Middle class in Europe gained at expense of wealthy -- page 262

81. Piketty says revolution probable when wealth gets too concentrated -- e.g. 90% of wealth in top decile -- page 263. But 50% makes it more likely too.

82. Inequality is more achievable through rentier societies, "patrimonial societies" that pass wealth through inheritance -- page 264

83. One can be both a "super manager" and a rentier -- page 265

84. How inequality is measured is not a neutral phenomena -- page 270. You don't say"

85. Rentier income fell by 2/3 in France in the 20^th century -- page 274

86. Today, unlike in the past, only the very top derive income from capital -- page 277

87. Rentiers fell behind super-managers -- page 278 Is this really true? What about rent from intellectual property via patents, or from stock options, or from mineral resources or pollution a company produces that it is not paying a fair price for (externalities)?

88. The next 9% under the top 1% enjoy an 80/20 income/capital splits, but capital income is under-reported for the top 1% - page 281

89. Income taxes are becoming an unreliable source of income statistics. Gaffney argues they have been that for some time.

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