7: Markets Are Not Morally Neutral

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After initially reviewing then rejecting Gregory Mankiw’s, and Claudia Goldin and Lawrence Katz’s, explanations for inequality, this chapter turns to Thomas Piketty’s concern with inheritance and structural exploitation via investment instruments, showing that his thesis is more radical than critics acknowledge. Still, Piketty stops short of offering a critique of the contingency of inheritance itself and the institutional structure created to sustain its political potency.

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The Political Economy of Fortune and Misfortune
Prospects for Prosperity in Our Times
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