Daily Archives: May 23, 2014

Chris Giles

Professor Thomas Piketty’s Capital in the 21st Century has data on wealth inequality at its core. His data collection has been universally praised. Prof Piketty says he has collected,

“as complete and consistent a set of historical sources as possible in order to study the dynamics of income and wealth distribution over the long run”

However, when writing an article on the distribution of wealth in the UK, I noticed a serious discrepancy between the contemporary concentration of wealth described in Capital in the 21st Century and that reported in the official UK statistics. Professor Piketty cited a figure showing the top 10 per cent of British people held 71 per cent of total national wealth. The Office for National Statistics latest Wealth and Assets Survey put the figure at only 44 per centRead more

Chris Giles

Dear Chris,

I am happy to see that FT journalists are using the excel files that I have put on line! I would very much appreciate if you could publish this response along with your piece.

Let me first say that the reason why I put all excel files on line, including all the detailed excel formulas about data constructions and adjustments, is precisely because I want to promote an open and transparent debate about these important and sensitive measurement issues (if there was anything to hide, any “fat finger problem”, why would I put everything on line?). Read more

Ferdinando Giugliano

The importance of small and medium-sized enterprises as engines of job creation is a well-established economic fact. In countries such as Italy and Spain, SMEs account for 70-80 per cent of the workforce, and for a similar proportion of all newly created jobs.

Much less is known, however, about which kinds of SMEs are better at boosting employment. The SMEs universe is varied, but distinguishing between them is essential for governments to direct their economic policies in an effective way.

A study published this week by the Organisation of Economic Cooperation and Development analyses in painstaking detail a database including SMEs from 18 countries over ten years. Its main finding is that among all SMEs, it is the youngest companies that contribute the most to boosting employment. Read more