Abstract

Thomas Piketty’s Capital in the Twenty-First Century is not only a work of economic history and theory but also a political and normative argument and a critique of ideology. It is invaluable for its magisterial documentation of increasing inequality in capitalism, and unprecedented US economic inequality in particular. I situate it within philosophical conceptions of justice. I also identify it as a non-determinist critique of the political economy of capitalism and a substantive and methodological challenge to mainstream economics. I discuss not only what Piketty does not do, as some Marxists do, but what Piketty does do and summarize some of his central claims. I then discuss some problems in his work, some of which have not been addressed in the literature. In particular Piketty’s concept of labor income masks forms of capital, and given his arguments, gender and all women’s reproductive practices should have been addressed more fully.