Measurement without theory, and theory without measurement: What's wrong with Piketty's capital in the XXI century?

Thomas Piketty's (2014) Capital in the XXI Century analyzes distributions of income and wealth in a set of developed countries and their determinants, from the nineteenth century to the present. The objective is a bold one, made even more so by the fact that Piketty pursues it not only from a theoretical, but also from an empirical point of view. The task is particularly impressive not only because of the enormous effort required in organizing...