Edward Conard

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Edward Conard

Brad DeLong disingenuously counters criticism of Piketty’s farfetched “2nd Law”

P.S. Brad DeLong complains Krusell & Smith use an unrealistically high illustrative depreciation rate in their critique of Piketty’s “Second Law.” The rate is irrelevant to Krusell & Smith’s central point–that the mathematics underlying Piketty’s Second Law are farfetched—a point DeLong conspicuously avoids disputing. Krusell & Smith respond.

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