Thomas Piketty gives the IEA's Ryan Bourne a lesson in debating
Summary
TLDRLes prix des maisons en Angleterre augmentent rapidement, avec Londres et le sud-est en tête, mais la hausse touche toutes les régions. Cela met la Banque d'Angleterre sous pression pour intervenir. L'économiste Thomas Piketty, connu pour ses travaux sur l'inégalité des revenus, est interviewé. Il prédit une croissance des inégalités et suggère une taxe sur les très riches et une taxe mondiale sur la richesse. Des critiques ont été faites à son égard concernant la fiabilité de certaines de ses données, mais il défend la nécessité de plus de transparence sur la richesse.
Takeaways
- 🏠 Les prix des maisons en Angleterre augmentent à un rythme record depuis quatre ans, avec Londres et le sud-est comme moteurs de cette hausse.
- 📈 Les prix des maisons augmentent dans toutes les régions du Royaume-Uni, ce qui augmente la pression sur la Banque d'Angleterre pour intervenir dans le marché immobilier.
- 💷 L'augmentation des prix des maisons est de 9,9% en moyenne au Royaume-Uni et de 18,7% à Londres, avec un prix moyen de 485 000 livres sterling.
- 💼 Les économistes s'inquiètent que la hausse des prix des maisons, qui est plus élevée que l'augmentation des salaires, ne soit pas durable.
- 📚 Thomas Piketty, économiste français, est préoccupé par l'écart de richesse croissante et la hausse de l'inégalité, avec une formule clé 'r > g' qui prédit un avenir sombre si rien n'est fait.
- 🌍 Piketty propose un impôt mondial sur la richesse et une plus grande transparence sur la richesse pour prévenir une inégalité exacerbée.
- 🤔 Des critiques suggèrent que certaines des données utilisées par Piketty sont contestables, remettant en question certaines de ses conclusions.
- 💼 Des économistes et des institutions comme le Financial Times et l'Institut of Economic Affairs débattent de la pertinence des conclusions de Piketty et des politiques qu'il préconise.
- 💭 L'argumentaire autour de l'inégalité et de la richesse est complexe, avec des opinions divergentes sur la manière dont elle affecte la croissance économique et la société.
- 🏦 Des discussions sont en cours pour déterminer les politiques qui pourraient être mises en place pour atténuer l'inégalité et protéger la stabilité du système financier britannique.
Q & A
Quels sont les taux d'augmentation des prix des maisons au Royaume-Uni?
-Les prix des maisons augmentent rapidement, avec une hausse moyenne de 9,9% au Royaume-Uni, et 18,7% à Londres.
Pourquoi les prix des maisons augmentent-ils si rapidement?
-Les prix des maisons augmentent rapidement en raison de la demande élevée et de la faible offre, ce qui crée une pression sur les prix.
Quelle est l'impact de cette augmentation des prix sur les ménages?
-Les ménages peuvent se sentir concernés car les augmentations des prix des maisons peuvent rendre les maisons moins accessibles pour les acheteurs potentiels et augmenter les inégalités.
Quelle est la position de la Banque d'Angleterre face à cette situation?
-La Banque d'Angleterre est sous pression pour intervenir afin de ralentir la hausse des prix des maisons et éviter une bulle immobiliere.
Quelle est la contribution de Thomas Piketty à la compréhension de l'augmentation des inégalités économiques?
-Thomas Piketty, un économiste français, a souligné que la croissance des retours sur le capital est souvent supérieure au taux de croissance économique, ce qui peut conduire à une augmentation des inégalités.
Quelles sont les solutions proposées par Piketty pour réduire les inégalités?
-Piketty suggère une taxe sur les hauts revenus et une taxe mondiale sur la richesse, ainsi qu'une plus grande transparence sur la richesse des individus.
Quels sont les arguments contre les hautes taux d'imposition proposés par Piketty?
-Certains économistes craignent que des taux d'imposition élevés sur les revenus élevés puissent avoir un impact négatif sur la croissance économique et ne soient pas efficaces pour réduire les inégalités.
Comment la transparence financière est-elle importante selon Piketty?
-Piketty souligne l'importance de la transparence financière pour comprendre réellement la richesse des individus et pour permettre une répartition plus équitable de la richesse.
Quelle est la position de Ryan Bourne de l'Institut of Economic Affairs sur les inégalités?
-Ryan Bourne considère que les inégalités ne sont pas nécessairement mauvaises et que l'amélioration des normes de vie absolues est plus importante que la distribution de la richesse.
Quels sont les défis pour mesurer la richesse des très riches?
-Il est difficile de mesurer la richesse des très riches car ils peuvent cacher ou dissimuler leurs actifs, ce qui nécessite plus de transparence et de surveillance.
Outlines
🏠 Hauspreise in UK nehmen stark zu
Die Hauspreise in Großbritannien steigen zum schnellsten Tempo in fast vier Jahren. London und der Südosten sind die Haupttreiber, aber Preisanstiege sind jetzt in allen Regionen des Landes zu beobachten. Diese neuesten Zahlen erhöhen den Druck auf die Bank of England, Maßnahmen zu ergreifen, um die Dynamik des Immobilienmarktes zu reduzieren. Paul Masson, der Wirtschaftsredakteur, erklärt, dass die durchschnittlichen Hauspreise in ganz Großbritannien im letzten Jahr um 9,9 Prozent gestiegen sind, wobei in London der Anstieg noch stärker mit 18,7 Prozent ist. Dies führt dazu, dass durchschnittliche Hauspreise in London nun bei 485.000 Pfund liegen, eine Steigerung von 90.000 Pfund im letzten Jahr. Dies führt zu einer Situation, in der Menschen sagen können, dass ihr Haus mehr verdient als sie selbst. Piketty, ein französischer Ökonom, hat in seinem Buch über die steigende Kluft der Reichtümer Sorgen geäußert und argumentiert, dass die Ungleichheit in der langen Zeit dazu führen wird, dass die Rate des Kapitalrendites höher ist als die Wachstumsrate der Wirtschaft, was bedeutet, dass durch das Besitzen von Vermögen mehr verdient werden kann als durch Arbeit oder Unternehmertum.
💼 Diskussion über Pikettys Thesen
Der zweite Absatz enthält eine Diskussion zwischen Piketty und Ryan Bourne von der Institute of Economic Affairs über Pikettys Thesen. Piketty verteidigt seine Idee einer 80-prozentigen Steuer für Einkommen über 500.000 Dollar, argumentierend, dass es sinnvoll ist, Managern, die mehr als 10 Millionen Dollar verdienen, nicht mehr zu bezahlen, da dies keine zusätzliche Leistung im Datensatz zeigt. Bourne kritisiert Pikettys Thesen und verweist auf historische Daten, die zeigen, dass hohe Steuersätze in den 1970er Jahren in Großbritannien nicht zu einer produktiven und egalitären Gesellschaft geführt haben, sondern zu einem Rückgang der industriellen Beziehungen und der Leistung im Vergleich zu anderen europäischen Ländern. Bourne betont, dass es wichtig ist, über die Gründe zu sprechen, warum Ungleichheit schlecht ist, und dass es eine seltsame Ablenkung ist, sich auf die Verteilung von Reichtum oder Einkommen zu konzentrieren, wenn es eine enorme Verbesserung der absoluten Lebensstandards für alle Menschen auf der Welt gab. Piketty argumentiert, dass extreme Ungleichheit das Wachstum behindern und zu einer dauerhaften Kluft führen kann, was schlecht für das Wachstum sein kann, da es zu einer geringeren Mobilität führt. Die Diskussion zeigt die verschiedenen Perspektiven auf die Frage der Ungleichheit und ihre Auswirkungen auf die Gesellschaft.
Mindmap
Keywords
💡prix des maisons
💡taux de retour du capital
💡inégalité des revenus
💡économies d'économies
💡taxation
💡transparence fiscale
💡théorie de Piketty
💡crise économique
💡politique monétaire
💡innovation et croissance
Highlights
House prices in the UK are rising at their fastest rate in nearly four years.
London and the southeast are leading the way in house price increases.
House prices are now increasing across all areas of the UK.
The latest figures may prompt the Bank of England to intervene in the housing market.
House prices rose on average by 9.9% across Britain in the last year.
In London, house prices increased by 18.7%, with the average price now at £485,000.
The disparity between house price increases and wage growth is a concern.
The Financial Policy Committee is tasked with addressing the housing market situation.
Some members of the committee are worried about the sustainability of the current housing market.
Thomas Piketty's economic theories are discussed in relation to wealth inequality.
Piketty's formula 'r > g' suggests that the rate of return on capital exceeds economic growth.
Wealth inequality has been rising and is a significant issue, according to Piketty.
Piketty proposes an 80% tax on high earners and a global wealth tax to address inequality.
Transparency in wealth reporting is advocated by Piketty to better understand inequality.
Critics argue that high tax rates can have negative effects on growth and productivity.
The historical context of wealth and income distribution is debated in the discussion.
The role of poverty versus inequality in affecting living standards is examined.
The potential for extreme inequality to lead to social unrest is considered.
The debate over the practical applications of Piketty's theories in policy is highlighted.
Transcripts
our house prices are rising at their
fastest rate for nearly four years
London and the southeast are leading the
way but house prices are now going up in
all areas of the UK these latest figures
will ratchet up the pressure on the Bank
of England to do something to take the
steam out of the housing market our
economics editor Paul Masson is here
well if you happen to own a house it
sounds quite good news but should we be
worried paying for it ultimately is the
problem house prices rose on average
across Britain in the last year by nine
point nine percent that's high but it's
probably manageable in London it's
eighteen point seven percent just to
translate that into real figures the
average house price in London is now a
staggering 485 thousand pounds but that
price has risen by ninety thousand in
the last year so what you're getting is
that people can legitimately say hey my
house is earning more than I am and when
economists and you can only journalists
hear people saying that they know what
they're seeing it's a bubble it's not
sustainable because wages are not rising
inflation is very low so what do the
authorities intend to do about well
there's a committee that's charged with
sorting this out the financial policy
committee and it's been meeting today
some members on it we find out what it
decides next week some members on on it
are very worried about the
sustainability of this and think it
could damage the British financial
system but as it happens the whole my
house is earning more than I am thing is
an amazingly accurate illustration of
one of the key themes of the most
popular economics book of our time a
Thomas Piketty the French economist had
produced this book very worried about
that the rising wealth gap and we met
him today when it comes to British
summers we've always been to nations the
rich do one thing the poor sometimes do
another now one economist says the gap
is growing and it will all end badly
Thomas Piketty has thrown a theoretical
molotov rich into the economics world
he believes inequality is set to rocket
in one simple formula he's predicted
doom Thomas Piketty this is your formula
ah
is greater than G what does it mean well
this means that you know there is a
tendency in the long run for the rate of
return to capital to be higher than the
economy's growth rate or in other words
you can make more money by owning things
than you can by working or starting a
business the world according to Piketty
looks like this before the First World
War
the rich owned about five times the
income of the world then inequality
dropped reaching a low in the 1950s and
60s
it's climbed back to above four times
now and if things stay as they are by
the end of this century will be back to
levels of inequality not seen since the
days of Oliver Twist to stop that
biggity wants an 80 percent tax on high
earners he wants a global wealth tax and
all banks to share data with all
governments about what we actually own
why don't we know how much wealth of the
rich have well we have you know there's
truly total transparency about wealth
and in a way you know it was easier to
observe well you know one santiago's and
it is today because also you know there
was less attempt to dissimulate well so
right now you know there are lots of
crises like what do you mean
well disabilities can be you know
putting your money in a bank in
Switzerland but not everybody agrees
with Piketty last month the Financial
Times in a front-page exclusive claimed
he'd constructed some of his figures
from thin air
I was greater than G but if picket is
formula is right this is not just about
economics it Patel's a moment when
inequality becomes so great that the
poor have had enough and the social
tensions of today look me
back in the car well earlier I discussed
inequality with Thomas Piketty himself
and Ryan borne from the Institute of
Economic Affairs I started by asking
professor Piketty about his proposal for
an 80 percent tax rate on incomes over
five hundred thousand dollars you know
80 percent tax rate would be a disaster
if you were to impose it on everybody
above 200 above one of two million about
200,000 pounds of $200,000 but you know
above 1 million or above 2 million you
know these to recall evidence suggests
that you know paying a manager of 10
million instead of 1 or 50 instead of 10
you know it's not that useful above a
certain point you you just don't see in
the data the extra managerial
performance that you would like to see
he's not talking about whacking the rich
he's just talking about whacking the
super rich what's wrong with that well
there's lots of economic evidence and
lots of counter economic evidence
actually the high rates of high marginal
tax rates on on high earnest actually
has a negative effect on grace I know
that some of your work suggests
otherwise but other many other people
have done work on this suggest I just
finished it suggest that if you look at
the history of the UK for example we had
extraordinarily high tax rates in the
1970s up to 98% on unearned capital
income that time wasn't a sort of
productive egalitarian paradise in the
UK in fact it was associated with the
period of worst industrial relations
that we've had in the 20th century and
actually a decline in our relative
performance of the European countries so
there's the you know it's potted history
here look I'm saying that the reason the
UK was not doing very well in the 60s
and 70s had more to do in my view but
you know we should have an open debate
about this with the education system and
the relatively low productivity of the
labor force in the UK as compared to
Germany as compared to France at that
time and so you know I I don't think the
top tax rate was the primary explanation
for that and you know we've compared you
know company by company you know when
you pay managers ten million instead of
one you know do you get extra
performance and you know I'm sorry to
tell you that you know you don't see it
in the data you know if I was there
the FT has said that some of your
numbers have been constructed out of
thin air this is wrong you know I have
responded to that you know point by
point you know I think they should not
deny that you know inequality you know
has been rising and it's not just the
it's not just 50 it's the office for
national statistics our main statistical
body because if the ONS is right and if
you look back at some of the other
historical sources actually suggest that
okay wealth inequality may have gone up
a bit in the UK over the past forty
years but it's not this huge sort of
extrapolation to measure the wealth of
the very rich why is that so difficult
to do well because they tend to either
you know they don't want to report it to
a survey what we need is more
transparency we can argue about the
extent of wealth inequality but you'd
admit would you that it matters it
depend it depends actually and actually
I think one of the weaknesses of
Thomas's book which i think is a very
interesting contribution to the debate
it's that bars sort of saying oh there's
democratic implications didn't really
spell out why wealth inequality was
necessarily a bad thing and I actually
think this is all a bit of a sideshow if
you look back at the history of the past
200 years since we've sort of rolled out
capitalist systems across the ball we've
seen the most extraordinary improvement
in the absolute living standards all
other people all across the world and
we're seeing this in in in China and
India at the moment and global
inequality if you if you take that
measure is actually falling so I think
we can get wrapped up in this a very
static look at the distribution of
wealth or the distribution of income at
any one equality feels pretty rough up
here at the bottom of the pile doesn't
it but that's poverty you know poverty
feels very rough
I don't think inequality feels very
rough per se I mean what's the causal
mechanism by which inequality per se
leads to poorer living standards I mean
that's poverty that's not inequality
you're perfectly right you know
inequality is not bad per se it's
actually useful up to a point not to
have inequalities for us to get our
innovation to us with growth and
certainly the enormous improvement in
the standards that we've seen over the
past
three you know I realize I'm some level
of inequality my point is simply that
you know when inequality gets too
extreme then you know it becomes useless
for grows it can it can even be bad for
growth because it tends to lead to a
large perpetuation of inequality over
time and less mobility we were in
Parliament yesterday I think you saw Ed
Miliband among other people is he the
man to translate your ideas into action
given okay I'm not going to take
position you know yeah you know again I
see these issues are beyond left and
right you know we talk a lot with the
militant about this mansion tax issue
and you know as I told you before you
know to some extent this is a joint
labour and conservative product and and
you know I think both parties should be
concerned about making it work more
efficient under and again annual
property tax I don't think they invited
me but you know I'm I'm you know I'm a
very polite person and I usually respond
to to invitation
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