Democracy will never be supplanted by a republic of experts – and that is a very good thing. - Thomas Piketty

The tragedy is that Trump’s program will only strengthen the trend towards inequality.

How do wealth- and capital-output ratios evolve in the long run, and why? Until recently it was difficult to properly address this question, for one simple reason: national accounts were mostly about flows, not stocks. Economists had at their disposal a large body of historical series on flows of output, income and consumption – but limited data on stocks of assets and liabilities. When needed, for example for growth accounting exercises, estimates of capital stocks were typically obtained by cumulating past flows of saving and investment. This is fine for some purposes, but severely limits the set of questions one can ask.

Broadly speaking, the rise of the supermanager is largely an Anglo-Saxon phenomenon.