Abstract

The article reviews Thomas Piketty's "Capital in the Twenty-First Century". It argues the following points: 1) Piketty may be defined as a left-Ricardian; 2) the formula r > g enlightens not only economic inequalities but also unsustainable rates of structural unemployment; 3) capitalism has failed, as communism did, because in the long run it doesn't seem to be able to effect a change in the structure of inequalities; 4) the extraordinary importance of the twentieth century as concerns reducing inequalities and the welfare state; 5) the formula r > g may be understood as a challenge, not just an insurmountable fact of history; 6) the author emphasizes the historical importance of leisure, yet he does not explore the forms of work which allow for the enjoyment of leisure time.