Fight Thomas Piketty or face a mansion tax

The postman at the door is stooped by his burden like an allegorical statue of Labour Oppressed by Capital. His wearisome, low-waged task is to deliver a copy of Thomas Piketty’s Capital in the Twenty-First Century — or perhaps multiple copies all round the town, since this breezeblock of a thesis on the iniquities of accumulated wealth stands second in this week’s bestseller lists, pipped only by the life story of someone called Guy Martin. His core argument — the celebrity French economist Piketty, that is, not Martin, who turns out to be a celebrity motorbike racer and lorry mechanic — is that the return on unfettered capital will always exceed the rate of economic growth as a whole, including average earnings, so that the rich will go on getting relatively richer. Unless, that is, they are subjected to the punitive wealth taxes Piketty would like to see applied across Europe.