From the article:
Galbraith’s The New Industrial State was the best-seller that was greeted with erotic intensity in the late 1960s, but on its merits it fell short as well. One of its central themes was that entrepreneurialism was dead, replaced by Soviet-style planning at American industrial giants. As Deirdre McCloskey tartly observed, “Eight years after the first publication of The New Industrial State, Bill Gates founded Microsoft.”
So before we pronounce Piketty’s book a masterpiece, I suggest waiting to see how the economic arguments shake out.
Source: Arnold Kling, "Clive Crook’s Best Sentence," ask blog, April 24, 2014
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