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On „Fatal Conceit” or the pretence of knowledge in Thomas Piketty’s Capital in the 21st Century

Show simple item record Baciu, Livia 2017-09-29T05:29:56Z 2017-09-29T05:29:56Z 2016-05-27
dc.identifier.isbn 978-9975-75-845-1 (PDF)
dc.description Publicat in: International Scientific Conference “Classical and Innovative Approaches in Contemporary Economic Thought: Considerations regarding the quality of life in the context of a changing Europe”, 2nd Edition (May 27, 2016) / Editorial Board: Elina BENEA-POPUȘOI [et al.]; Organisational Committee: Elina BENEA-POPUȘOI [et al.]. – Chisinau: ASEM 2016. – 176 p. ISBN 978-9975-75-844-4; ISBN 978-9975-75-845-1 (PDF) (pag. 50-55) en_US
dc.description.abstract The authors provide a critical review of the main argument presented in the book “Capital in the 21st Century” by Thomas Piketty stating that modern economies need to build a legitimate and efficient public power in order to fight inequality and poverty. In this article, we attempt to prove that this book ignores a set of significant developments brought to the economic theory such as the contributions of the Austrian School (Mises and Hayek) and the School of Public Choice (Kenneth Arrow, James Buchanan, Gordon Tullock). Therefore, there is a huge difference between treating people equally and struggling to make them equal. State constructivism based on single models that are imposed as a general rule is another form of state servitude and at the same time the state’s fatal conceit (Hayek, 2016b). It claims, in the name of false science, that it can say what is the general interest and how we may efficiently act to attain it. Also, the state is not a cold calculating machine but is made of people facing the same temptations and mistakes as common people, more exactly, it is neither almighty nor benevolent. Then why would we need more involvement from the state? en_US
dc.language.iso en en_US
dc.publisher Editura ASEM en_US
dc.subject Piketty en_US
dc.subject state en_US
dc.subject inequality en_US
dc.subject imperfect knowledge en_US
dc.title On „Fatal Conceit” or the pretence of knowledge in Thomas Piketty’s Capital in the 21st Century en_US
dc.type Article en_US

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