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The alternative for the enterprising author is of course to limit the scope of the article. Illuminating reactions indeed.

However I just happen to be working through my back log, specifically Unlearning Economic's list of articles that shaped his or her outlook.
In one of those Piketty's Capital is quoted:

It's bargaining power all the way down -- Crooked Timber

The lower valuation of German corporations also reduces the apparent wealth of German households. And why are German firms valued less by the stock market? Piketty and Zucman offer a suggestive explanation:

    the higher Tobin's Q in Anglo-Saxon countries might be related to the fact that shareholders have more control over corporations than in Germany, France, and Japan. ... Relatedly, the control rights valuation story may explain part of the rising trend in Tobin's Q in rich countries. ... the "control right" or  "stakeholder" view of the firm can in principle explain why the market value of corporations is particularly low in Germany (where worker representatives have voting rights in corporate boards). According to this "stakeholder" view of the firm, the market value of corporations can be interpreted as the value for the owner...

So it might be more of the demanding 2.50 when we are paying 2 school of communism.

by generic on Sun Aug 19th, 2018 at 08:43:11 AM EST
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