Reisman on Piketty’s Program for Economic Stagnation and Decline

capitalism-reismanEconomist George Reisman recently published a twenty-thousand word reply to Thomas Piketty’s Capital in the Twenty-First Century. Reisman writes, “Over the course of several generations, the US government has taxed away trillions upon trillions of dollars that otherwise would have been saved and invested and thereby added to the capital of the American economy. . . . The government’s massive assault on the supply of capital has begun to transform the American economic system from one of continuous economic progress and generally rising living standards into one of stagnation and outright decline.” Of course, Piketty’s program to “help” the less well-off consists of expanding government’s assault on capital. If after reading Reisman’s lengthy essay you find yourself hungry for more, you can find Reisman’s double-column, thousand-page book, Capitalism, for free online.