

Thomas Piketty

A Reader’s Comments

I just wanted to thank all those who comment on my recent post and briefly reply to a comment from a reader who stated: “The confidence with which he [Piketty] states his conclusions … is staggering.” I don’t know if the reader has read the 700 page tome—I have only perused it—but on the very first page Piketty states: “Let me say at once that the answers contained herein are imperfect and incomplete.” This somewhat belies the reader’s claim about Piketty’s staggering confidence, although perhaps Piketty expresses more confidence later in the work. I do know the book is the culmination of fifteen years of research and that it was researched with and by multiple colleagues. I also suspect that the criticism of it is, for the most part, hastily derived. And as a lifelong academic I know that, for the most part, my colleagues were more interested in truth than political pundits. Still I acknowledge that Piketty’s basic ideas–and those of his multiple collaborators–may be partly or wholly mistaken.

The reader also states “Piketty’s book has been skewered in numerous blogs (see numerous posts on Marginal Revolution) and prominent articles.” I have no doubt that is true and there are differences of opinion in the world. As a non-expert I am not in a position to adjudicate among these disputes. If the massive data he and his collaborators presents turns out to be wrong, or if other evidence falsifies his various hypotheses then so be it. Still one must be skeptical of the critiques for reasons I will explain in a moment.

Critical Thinking

I would also like to address how these considerations bring up questions of critical thinking. How should we form opinions on topics about which we are not an experts? I am not an economist and I doubt most of my readers are. In general I have always held to the advice expressed by Bertrand Russell in his essay “Let the People Think:”

(1) that when the experts are agreed, the opposite opinion cannot be held to be certain; (2) that when they are not agreed, no opinion can be regarded as certain by a non-expert; and (3) that when they all hold that no sufficient grounds for a positive opinion exist, the ordinary man would do well to suspend his judgment.

This is a good starting point but there are other considerations. For example how precise is the subject matter we are talking about? Physics and biology are very precise sciences, psychology and sociology much less so, and theology and poetry are not precise at all. Thus I generally trust the views of biologists concerning biology but not the views of so-called theological experts, assuming there even are any. (I don’t think there are.)

Another consideration, perhaps the most important one, is to ask yourself who has a greater interest in lying to you or deceiving you? For example consider tobacco companies who for years and to some extent today still deny the connection between tobacco and various health risks associated with their products. It is possible they are correct, that over 50 years of medical research is mistaken, and that the research is part of some liberal plot to get the government involved in regulating tobacco. But such a view strains credulity. The tobacco companies have a much greater incentive to lie than the scientists and thus should be trusted much less.

Or consider that there is overwhelming evidence and reasons to accept the most basic idea of modern biology-evolutionary theory-rather than the non-scientific creation myths of various religions. But religious institutions often believe it is in their financial interests to oppose such science–otherwise they might lose contributors! Those who tell you to doubt biological evolution are either ignorant–they truly don’t know that evolutionary theory has the same scientific status as gravitational or atomic theory–or they are lying to you because they fear the consequences of you abandoning your religious beliefs. Unlike science, religious institutions believe they have a vested interest in lying, or perhaps they come to believe their own lies.

Similarly one should be skeptical of the claims of fossil fuel companies who for the most part deny the connection between human activity–burning fossil fuels, eating meat, etc.–and global warming. As stated in this blog and referenced numerous times, that view is at odds with the near unanimous view of climate scientists. It is much more likely that the disinformation campaign regarding climate change is motivated by the profit of the fossil fuel industry than that there is some conspiracy among scientists. There is also ideological opposition to believing in climate change because most likely it will require global governmental action to address this issue. (“Cap and trade,” a conservative and market based approach also holds much promise, although for political reasons it has recently been abandoned by the Republican party in the USA, since so many of their political donations come from the fossil fuel industry.)

Now consider Piketty’s work. There is a small but politically influential sector of plutocrats who believe they have a vested interest in Piketty’s claims being false. And of course Piketty’s basic claims may be false. Still, as a non-expert in the field though I am more likely to accept his views–since they are consistent with the majority view among economists today–than those of blog post or articles by individuals who have a vested interest in his claims being false. Of course economics is not as precise a science as climate science or biology and hence we cannot be as certain of its conclusions. The majority of economists at MIT, Berkeley and Harvard may turn out to be mistaken and the majority at the University of Chicago may be vindicated. (Although many of the ideas of the contemporary right of the American political spectrum are very radical and would be unrecognizable even to Adam Smith, Freidrich Hayek, and Milton Friedman.)

Social Stability

All of this leads to even larger issues. Since Piketty’s research is about, among other things, income inequality, it is easy to see why those with the most wealth generally oppose his ideas. But I am not sure that the wealthiest members of society benefit from their opposition to the minimal welfare state in the USA much less the more generous ones in Western Europe and Scandanavia. (Which I must add consistently are shown to be the happiest, most prosperous and most peaceful countries.) After all the wealthiest members of the society benefit the most from political stability. To the extent they undermine it–pay low wages, disenfranchise voters, support violent anti-government anarchists–they may undermine their power. The revolutionary ideas they foment may be self-defeating.

Thus it is probably not in the self-interest of prominent right wing commentators to go on national television and support anarchists who aim assault weapons at the government officials trying to collect money for using public lands. After all, it is the police, the national guard and the courts who ultimately protect those who have wealth and power.

Liked it? Take a second to support Dr John Messerly on Patreon!