Thomas Piketty Responds to Criticism of His Data
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Re: Thomas Piketty Responds to Criticism of His Data
#2Response in full (pdf):
http://piketty.pse.ens.fr/files/capital21c/en/Piketty2014Tec...
Re: Thomas Piketty Responds to Criticism of His Data
#3In this age of metrics everywhere, evidence-based everything, big data...
I think what this story actually is, is a reminder that just because something is based on quantitative data, that doesn't make it 'objective' or automatically 'truth'.
Quantitative analysis rests on so many choices, as to how to measure, what measurements to use, what statistical formula to use, how to interpret what they say. Each of those choices can be mistaken -- _or_, even more troubling to the worldview that quantitative==objective truth, be subject to debate among reasonable and well-intentioned people about the best choices to make and the implications thereof.
I'm not saying it means there is no 'truth', and all research conclusions are equally valid. I'm saying that research conclusions based on quantitative data, no less than those based on qualitative information, are subject to debate and argument, not physical objective material reality simply because there were measurements and numbers involved.
Re: Thomas Piketty Responds to Criticism of His Data
#4Response in full (pdf): http://piketty.pse.ens.fr/files/capital21c/en/Piketty2014Tec...
Quoting from the response:
a 44% wealth share for the top 10% (and a 12.5% wealth share for the top 1%, according to the FT) would mean that Britain is currently one the most egalitarian countries in history in terms of wealth distribution; in particular this would mean that Britain is a lot more equal that Sweden, and in fact a lot more equal than what Sweden as ever been (including in the 1980s). This does not look particularly plausible
Shame on the FT.
Re: Thomas Piketty Responds to Criticism of His Data
#5The FT is actually a pretty balanced high quality paper - but their alternative analysis of the Piketty data is shoddy.
I can't imagine any good comeback from them to Pikettys comeback.
Re: Thomas Piketty Responds to Criticism of His Data
#6Response in full (pdf): http://piketty.pse.ens.fr/files/capital21c/en/Piketty2014Tec...
Quoting from the response: a 44% wealth share for the top 10% (and a 12.5% wealth share for the top 1%, according to the FT) would mean that Britain is currently one the most egalitarian countries in history in terms of wealth distribution; in particular this would mean that Britain is a lot more equal that Sweden, and in fact a lot more equal than what Sweden as ever been (including in the 1980s). This does not look…
And they only picked that method for recent years so inequality is declining in Britain? Through Thatcher and Blair years???
Right.
Re: Thomas Piketty Responds to Criticism of His Data
#7Response in full (pdf): http://piketty.pse.ens.fr/files/capital21c/en/Piketty2014Tec...
Quoting from the response: a 44% wealth share for the top 10% (and a 12.5% wealth share for the top 1%, according to the FT) would mean that Britain is currently one the most egalitarian countries in history in terms of wealth distribution; in particular this would mean that Britain is a lot more equal that Sweden, and in fact a lot more equal than what Sweden as ever been (including in the 1980s). This does not look…
Having lived both in Sweden and in Britain you don't even need data to know this isn't very plausible. That said, Sweden is getting a bigger gap between the highest earners and the lowest at a fast rate. "the most equal country in the world is becoming less so." -The Economist
http://www.economist.com/node/21564412
Re: Thomas Piketty Responds to Criticism of His Data
#8The FT is actually a pretty balanced high quality paper - but their alternative analysis of the Piketty data is shoddy. I can't imagine any good comeback from them to Pikettys comeback.
Yeap... They should've read his bio a little better. This guy's from the most hardcore math school of the country. Less than a few hundreds accepted every year for the whole country ( and only based on a contest in which most top science students participate), and he got inside 2 years younger than normal. He isn't the typical economist. Attacking him on raw data analysis was probably the most daring thing to do.
Re: Thomas Piketty Responds to Criticism of His Data
#9The FT is actually a pretty balanced high quality paper - but their alternative analysis of the Piketty data is shoddy. I can't imagine any good comeback from them to Pikettys comeback.
Burden of proof is on you to prove that FT's data is shoddy since you made that claim. What specifically are you referring to and what sources are you citing?
Re: Thomas Piketty Responds to Criticism of His Data
#10Unfortunately, ultimately, the research, data and analysis isn't going to matter much.
Consider the debate on climate change, 98% of climate scientists agree that humans contribute significantly to climate change, but large numbers of Americans (including some of the most powerful politicians and talk-radio hosts) either deny climate change or claim that humans don't do much to cause climate change.
I expect the inequality debate to play out in a similar fashion. Many economists may agree with Piketty. However, the FT has thrown sufficient "doubt" on his findings (it doesn't matter that they compare past tax data with today's "survey" data etc).
This "doubt" provides sufficient ammunition for those who'd like to deny that inequality is on the increase. So the debate will end up as another one of those "he said, he said" topics in the media and people are likely to take sides based on which side of the ideological divide they are one.