Thomas Piketty facts for kids
Quick facts for kids
Thomas Piketty
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Piketty in 2015
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| Born | 7 May 1971 Clichy, France
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| Spouse(s) |
Julia Cagé
(m. 2014) |
| Institutions | Paris School of Economics School for Advanced Studies in the Social Sciences London School of Economics Massachusetts Institute of Technology |
| Field | Public economics, economic history |
| Doctoral advisor |
Roger Guesnerie |
| Influences | Simon Kuznets, Adam Smith, John Maynard Keynes, Anthony Atkinson, Kenneth Pomeranz, Amartya Sen, Julia Cagé, Lucas Chancel, Camille Landais, Emmanuel Saez, John Rawls, Emile Durkheim, Leon Bourgeois |
| Awards | Honorary Doctorate, Clarivate Citation Laureates (2023) University of Johannesburg (2015) Medalla Rectoral, Universidad de Chile (2015) Yrjö Jahnsson Award (2013) Prix du meilleur jeune économiste de France (2002) |
| Information at IDEAS / RePEc | |
Thomas Piketty (born 7 May 1971) is a French economist. He teaches economics at the School for Advanced Studies in the Social Sciences. He is also part of the Paris School of Economics and the London School of Economics.
Piketty studies how money and wealth are shared among people. He looks at how much money people earn and how much wealth they own. He wrote a famous book called Capital in the Twenty-First Century in 2013. This book talks about how wealth has been shared over the last 250 years. He suggests that wealth inequality might grow if we don't make changes. He believes that better education and sharing knowledge can help reduce inequality. In 2019, he published Capital and Ideology, which explores income differences throughout history. His 2022 book, A Brief History of Equality, is a shorter book for everyone, not just economists. It discusses how wealth can be shared more fairly.
Contents
Early Life and Learning
Piketty was born in Clichy, a suburb near Paris, France. His parents were involved in political movements before he was born. A trip to the Soviet Union in 1991 made him believe strongly in capitalism. Capitalism is an economic system where private businesses own most things.
He went to the École Normale Supérieure (ENS) at 18. There, he studied math and economics. By age 22, he earned his PhD. His PhD was about how wealth is shared. He wrote it at the London School of Economics (LSE).
His Career
After getting his PhD, Piketty taught at the Massachusetts Institute of Technology (MIT). This was from 1993 to 1995. In 1995, he became a researcher in France. He then became a professor in 2000.
In 2002, Piketty won an award for the best young economist in France. He also helped start the Paris School of Economics (PSE) in 2006. He later advised political candidates in France.
Piketty writes articles for French newspapers. He shares his ideas on economic topics. In 2013, he won the Yrjö Jahnsson Award. This award is for economists under 45 in Europe.
In 2015, he joined the British Labour Party's economic advisory team. He helped them think about economic policies. He later left this role in 2016. In 2015, he also received an honorary doctorate from the University of Johannesburg. He joined the LSE as a special professor in 2015. He continues to research wealth differences there.
In 2017, he advised another political campaign in France. He focused on European Union matters. He also teaches students at the LSE. His teaching combines different subjects.
His Research
Piketty studies economic inequality. He looks at how wealth has changed over time. He uses historical data, like tax records. This helps him understand how the richest people accumulate wealth. His 2013 book, Capital in the Twenty-First Century, shows that wealth concentration can keep growing. To fix this, he suggests a global tax on wealth. This means taxing very rich people more.
Studying Wealth Differences Over Time
Piketty's research on high incomes in France led to a book in 2001. It used tax data from the 20th century. He expanded this work in Capital in the Twenty-First Century. His studies show that the richest 10 percent of earners in some countries take more than half of the total income.
How Inequality Changed in France
Piketty's work shows that income differences in France decreased after World War II. He believes this happened because of a progressive income tax. This tax meant richer people paid a higher percentage of their income. This reduced the money they had to save and pass on.
He suggests that if taxes on the wealthy are cut, large fortunes could grow again. This could lead to a system where a few families control most of the wealth. He calls this "patrimonial capitalism."
Piketty also found that high tax rates on the rich in France did not make them work less. This goes against an idea called the "Laffer effect."
Comparing Inequality in Different Countries
Piketty has also compared inequality in other developed countries. He worked with other economists, like Emmanuel Saez. They found that after World War II, English-speaking countries saw inequality decrease. But over the last thirty years, inequality has increased in these countries.
Challenging Old Ideas About Inequality
Piketty's work builds on ideas from Simon Kuznets in the 1950s. Kuznets thought that inequality would naturally decrease over time. Piketty argues that this decrease was not natural. Instead, it was due to things like income tax. He shows that inequality has grown sharply in the United States recently. It has returned to levels seen in the 1930s.
Other Research Areas
Piketty has also studied other topics related to inequality. He looked at how differences between schools affect wages. He has also suggested changes to France's pension and tax systems. In 2018, he suggested that political parties in Western countries are often controlled by "elites."
Capital in the Twenty-First Century
This book, published in 2013, looks at wealth and income inequality. It covers Europe and the US since the 1700s. The book's main idea is that inequality is a natural part of capitalism. It can only be changed if governments step in. Piketty suggests a global tax on wealth as a solution. The book became a bestseller.
Capital and Ideology
Published in 2019, this book continues the themes of inequality. It argues that different ideas are used to justify inequality. It says that a better standard of living came from social protests, not just property ownership. The book suggests ways to reduce inequality, like a wealth tax.
A Brief History of Equality
His 2022 book is shorter and easier to read. It is for everyone, not just economists. It traces the history of equality from 1780 to 2020.
Personal Life
Thomas Piketty is married to fellow economist Julia Cagé.
His Views
In November 2023, Piketty spoke about fighting climate change. He suggested banning private jets. He also called for a progressive carbon tax. This means people who cause more carbon emissions would pay more. He said this because rich people produce a lot more carbon emissions.
Selected Books
- Capital in the Twenty-First Century (2014)
- Capital and Ideology (2020)
- A Brief History of Equality (2022)
See also
In Spanish: Thomas Piketty para niños
