Interesting NYT article on Economist Thomas Piketty’s new book, “Capital in the Twenty-First Century” (available in English in March). Piketty argues that inequality will continue to widen in the coming century and he proposes an international wealth tax as a potential yet unlikely solution.
If his prediction comes true it will have an enormous impact on entrepreneurship. My thought is that if the status quo continues into perpetuity there will be more and more companies competing for fewer and fewer customers. With this in mind, an even greater percentage of new ventures will fail and Bankruptcy Lawyers will be among the few winners in the future economy. There also will be an expansion in the Luxury goods market.