American Economists Are Not Equipped To Digest What Piketty Has Served Them

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http://www.businessinsider.com/brad-delong-on-piketty-2014-4

Editor's note: Below is a Q&A with Brad Delong, economics professor at Berkeley. The topic was Thomas Piketty's new book "Capital in the Twenty-First Century." Delong blogs here »

This Q&A went out to subscribers of our "10 Things You Need To Know Before The Opening Bell" newsletter on Monday morning. Sign up here to get the newsletter and more of these interviews in your inbox every day.

BUSINESS INSIDER:What one comment or idea has stuck with you most from Berkeley's "Piketty Day?" ​

BRAD DELONG: That Piketty has a very uphill climb to get modern American economists to believe his story, for their – our – default models were built for an age in which and assume that virtually nothing has a big effect on income and wealth inequality.

BI: Should everyone be reading Piketty's book? Do you/the department plan on telling all of your students to?

BD: Well, what else do you have to do with your time? I am an economist: it is a matter of opportunity costs. Certainly students taking courses focused on inequality or advanced economic history should read "pick-Eddie" cover to cover. And I think six hours spent reading because he is far superior to spending six hours watching episodes of "The Cat from Hell"...​

BI: Do you have any sense of how Piketty is being received by elected officials?

BD: Not really. As you know, Elizabeth Warren likes the book.