Piketty Vs. Rognlie: Land Use Restrictions Inflate Housing Values, Drive Wealth Concentration

It’s one thing to claim, as Piketty does in front of a large amen chorus to the left, that the game of economics is rigged for the rich. It’s another thing entirely if Piketty’s thesis is founded, not on the high rate of return for capital, but merely the high rate of return for housing in the developed world.

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