The big myth about income inequality that just won't die

Conservatives want you to believe other people's wealth doesn't affect you. It does.

Gates
(Image credit: (REUTERS/Anthony Bolante))

It has been three weeks since Thomas Piketty released his blockbuster economics tome Capital in the 21st Century, but Piketty-mania is still roiling the internet. And while much of the noise is the sound of celebration — Capital is "the most important economics book of the year — and maybe of the decade," Paul Krugman told readers at The New York Times, praising the work's careful analysis of the widening gap between the rich and the poor — one particularly pernicious myth about inequality seems to only be growing louder.

According to the scathing tweets and comments that follow any praise for Capital, it is no business of ours that wealth is concentrating in the hands of a few and that inheritance is on the rise. Such wealth has already been created, the criticism goes, so it doesn't have any effect on you. Instead of trying to break up that wealth, you should focus on making your own.

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Matt Bruenig writes about poverty, inequality, and economic justice at Demos, Salon, The Atlantic, The American Prospect, and The Week. He is a Texas native and graduate of the University of Oklahoma.