Chris Giles
speaker
229 appearances
10 recordings
1 series
first heard Apr 2011
last heard Jan 2015
Chris Giles’s voice in public audio — every appearance, attributed to the second.
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Appearances
to a survey data which gave another result and that gave an increase in inequality.
When I looked at the amount of wealth that he said the top 10% richest UK people held
his number for the UK in 2010 was 71%.
And the Office for National Statistics number was 44%.
Now, that's not just a little difference.
I was quite happy to say there would be definitional problems and you'd get some small difference.
I would have accepted that, but that was so enormous.
And then I thought the next day, well, I'll just go back and have a look at both datasets and see why are we getting such enormous differences.
And I went to the source material and I just found I couldn't replicate...
Thomas Piketty's numbers for the UK.
And the more I looked at all his other numbers as well, I found difficulty replicating any of his other numbers from his own source materials.
We found some slips in the spreadsheets of Thomas Piketty's data.
We found he tweaked the data.
We found the way he averaged between different countries didn't seem to be particularly reasonable.
We found lots of missing data where data seemed to just essentially come out of thin air.
and we found him also to be what seemed like cherry-picking data to suit his conclusions.
So in the US, he moves from an estate tax type of data, which gave one result,
to a survey data which gave another result and that gave an increase in inequality.
So far the biscuit factory isn't going to be selling biscuits around the world in great numbers, but all the reasons why they were struggling, many of those reasons have gone away.
So the price of flour is no longer rising, squeezing the profits and reducing the scope for investment.
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