All told, over the period 1932-1980, nearly half a century, the top federal income tax rate in the United States averaged 81 percent.

Income from labor [in the United States] is about as unequally distributed as has ever been observed anywhere.

Our democratic societies rest on a meritocratic worldview, or at any rate a meritocratic hope, by which I mean a belief in a society in which inequality is based more on merit and effort than on kinship and rents. This belief and this hope play a very crucial role in modern society, for a simple reason: in a democracy, the professed equality of rights of all citizens contrasts sharply with the very real inequality of living conditions, and in order to overcome this contradiction it is vital to make sure that social inequalities derive from rational and universal principles rather than arbitrary contingencies. Inequalities must therefore be just and useful to all, at least in the realm of discourse and as far as possible in reality as well.

Once constituted, capital reproduces itself faster than output increases. The past devours the future.

Protectionism does not produce wealth, and free trade and economic openness are ultimately in everyone’s interest

They (economists) must set aside their contempt for other disciplines and their absurd claim to greater scientific legitimacy, despite the fact that they know almost nothing about anything.

We know something about billionaire consumption, but it is hard to measure some of it. Some billionaires are consuming politicians, others consume reporters, and some consume academics...