This analysis is most interesting. Perhaps there is something more to the story, but if the facts behind the narrative are wrong, there are very serious problems with Piketty’s entire argument. I had doubts about his policy prescriptions both on political feasibility and on effectiveness levels, and I know there were some questions about how his data dealt with things like transfer payments and all. If correct, these questions dwarf any of those. I’ll be interested to watch and see if anyone provides a robust defense of the data.