Less than a week ago, Jacobin magazine enumerated a list of nine canned responses criticizing the French neo-Keynesian economist Thomas Piketty’s book Capital in the Twenty-First Century. Zachary Levenson gave us the guide for “How to Write a Marxist Critique of Thomas Piketty without Actually Reading the Book.” It ranges between Marx and Piketty’s radically different conceptions of capital to the latter’s conflation of derivatives stemming from finance and industry. “Capital in the Twenty-First Century is a long book,” Levenson writes, sympathizing with his readers, “and you just don’t have time in your busy schedule to finish it and formulate a materialist critique.” Don’t worry, he urges, “we’ve got you covered.”
No doubt: there’s plenty of truth to such a list, conceived as it is in parody. Many self-proclaimed Marxists are quite eager to dismiss the latest fad in social liberal economic thought, and counterpose the trenchant historical critique offered by Marx to the dry data analysis offered by Piketty. Who hasn’t heard some of these scripted objections bandied about by “radicals” who clearly haven’t read the book?
Yeah, from the blurb on the back it may seem a tired rehashing of Keynesian commonplaces (now almost a century old). Granted, it might appear that Piketty merely “repackages the commonly known as the expertly known,” as one reviewer has put it, by treating observations of inequality under capitalism as if they were earth-shattering discoveries. But does that really justify all the unlettered pedantry of the Marxish commentariat? Shouldn’t people read Capital in the Twenty-First Century before issuing a judgment? Continue reading