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It's probably due to the issue that Piketty noted in his book, getting reliable and comprehensive data on wealth is far, far harder than doing so for income. I
by alexgmcm 6y ago
It's probably due to the issue that Piketty noted in his book, getting reliable and comprehensive data on wealth is far, far harder than doing so for income.
I agree with your criticism but it doesn't seem entirely honest when the "hollowing out" of the Middle Class has been a well observed phenomenon for at least the past decade if not several more.
- randomdata 6y agoHow has the "hollowing out" of the middle class been well observed when the data required to observe it is unreliable and shallow?
- alexgmcm 6y agoYou can usually infer quite a lot from income data anyway given that wealth and income tend to be quite closely related. Obviously, there are exceptions but in general there is a strong correlation. Furthermore, Piketty and other researchers have gone to great lengths to get reliable wealth data despite the difficulties. The difficulty of performing these investigations rigorously is why I would prefer to trust studies from professional economists rather than a hot-take from a blog.