IMF economist: Piketty's inequality claims have 'no formal empirical testing'

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Thomas Piketty, please call your office. A study released this week by the International Monetary Fund (IMF) suggests that the French economist's widely heralded tome on inequality "provides no formal empirical testing" for the claims it makes about how capital accumulation influences income. "Capital in the Twenty-First Century," Piketty's magum opus on the widening gap between the wealthy and the poor, was the subject of widespread acclaim when it was released about two years ago. However, a 27-page working paper authored by IMF economist Carlos Góes undermined Piketty's central thesis about how income is ... (Read the full story)