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"Inequality: what on Earth should we make of the row about the work of Thomas Piketty?
"His 557-page Capital in the Twenty-First Century has become a best-seller, but is now the subject of a hard-hitting attack by Chris Giles, economics editor of the Financial Times, for dodgy statistics, some of which he writes 'appear simply to be constructed out of thin air'?
"On Friday Piketty responded to this in a 4400-word piece on his website, arguing that the FT was 'simply wrong'.
"Piketty, a French economist, argues that inequality has been increasing in the western world for the past 30 years, and that the core reason for this is that returns on capital are higher than those on labour. So people who own capital will get richer faster than those who have to work to earn a living. His remedy is a wealth tax."
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