Class Struggle Still Gets the Goods
By
May 23, 2017 at 07:32AM
via My Reading List: Unread http://ift.tt/2rbsFZa
«This has quite startling implications for the way we think about the nature of wealth in a capitalist economy. Ownership of something like a company share does not entail ownership of capital goods in any real sense. It amounts to owning a bundle of legal rights to future flows of income. Thus, the value of assets, and therefore wealth, reflects the value of the rights to future income flows — not the value of accumulated savings.
Once this truth is understood, it becomes easy to see why Piketty may well have everything backwards.»