I certainly agree that capital is not a one-dimensional object, and that the return on capital takes very different forms for different assets or different people.

Economists should be modest and be aware that they are part of the broader social science community. We need to be pragmatic about the methods we use. When we need to do history, we should do history. When we need to study political science, we should study political science.

Private property and the market system are good not only to promote innovation and to promote growth; private property and the market system are good for our personal freedom.

Thomas Piketty Quotes