Does anyone have a link for Step 5? Or step 6, for that matter? I don't know what he's referring to here.
Though over at MR, they noted there "were already several major problems" with Piketty even before the FT debunking, including that if you adjust for the housing bubble a few years ago, his results disappear: http://marginalrevolution.com/marginalrevolution/2014/05/wha...