HKS Affiliated Authors
Rafik Hariri Professor of the Practice of International Political Economy
Excerpt
Excerpt
Piketty’s Missing Knowhow. Ricardo Hausmann, May 27, 2014, Opinion. "A useful way to understand the world’s economy is the elegant framework presented by Thomas Piketty in his celebrated book Capital in the Twenty-First Century. Piketty splits the world into two fundamental substances – capital and labor. Both are used in production and share in the proceeds. The main distinction between the two is that capital is something you can buy, own, sell, and, in principle, accumulate without limit, as the super-rich have done. Labor is the use of an individual capacity that can be remunerated but not owned by others, because slavery has ended..." Link