Piketty refuses France's highest honour

The influential French economist Thomas Piketty has refused his country's highest honour and criticised the government of President Francois Hollande.

French economist Thomas Piketty

Influential French economist Thomas Piketty has refused to accept the country's highest award. (AAP)

France's influential economist Thomas Piketty, author of the bestseller Capital in the 21st Century, has refused to accept the country's highest award, the Legion d'honneur, to criticise the Socialist government in power.

"I have just learned that I was nominated for the Legion of honour. I refuse this nomination because I do not think it is the government's role to decide who is honourable," Piketty told AFP.

"They would do better to concentrate on reviving (economic) growth in France and Europe," added Piketty, who was once close to the Socialist Party but has distanced himself from the policies of President Francois Hollande.

The 43-year-old economist was on the published list of nominees for the prestigious award on January 1. Other recipients included France's two 2014 Nobel laureates, Jean Tirole, the winner of the economics prize, and Patrick Modiano for literature.

Piketty has gained attention worldwide with his book of theories about growing economic inequality, which has sold some 1.5 million copies.

He has captured the attention of readers particularly in the United States, where Piketty met with advisors to President Barack Obama.

The book has been less well received in France as Piketty has become a stern critic of the Hollande government.

He criticises the Socialist president for reneging on his campaign promise of fiscal reforms, including a more progressive tax system.

"No one told me in advance about this nomination, otherwise I would have immediately advised against it," Piketty said.

Piketty's Capital in the 21st Century was hailed as the "economic book of the year" by the Financial Times, and the Economist described him as a "modern-day Marx".

In the nearly 1000-page book he looks at statistics dating back to 1700 to explain that economic growth does not naturally correct inequalities because capital tends to accrue more rapidly in developed countries than is realised - in other words, the rich always get richer.

Piketty says in the book he sees a potential threat to democratic societies and the values of social justice on which they are based.

The professor at the Paris School of Economics says one solution would be an annual progressive tax on capital, coordinated on a global level.


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Source: AAP



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