Capital and Wealth in the Twenty-First Century
指出皮凯蒂用可交易资产市值衡量资本和财富的方法忽略了人力资本和转移财富，导致财富收入比恒定的结论是错觉，且未测量的财富分配更平等。
In Capital in the Twenty-First Century, Thomas Piketty uses the market value of tradable assets to measure both productive capital and wealth. As a measure of wealth this is problematic because it ignores the value of human capital and transfer wealth, which have grown enormously over the last 300 years. Thus the constancy of the wealth/income ratio as portrayed in his data is an illusion. Further, the types of wealth that he does not measure are more equally distributed than tradable assets. The approach also incorrectly identifies capital gains due to reduced discount rates as increases in the capital stock.