The Northern Powerhouse is the biggest Tory con since Margaret Thatcher's "trickle down theory
" speech when she promised folk in the North-east a share of the nation's riches using the example that if the rich got richer, their income and wealth would eventually trickle down the income scale.
Picketty's basic thesis banishes the conventional wisdom of free-market economists, arguing that the gap between rich and poor has been expanding irrevocably, that the trickle down theory
has never actually worked and that the only way to ward off revolution long-term is to invoke a global wealth tax.
Reaganomics back in the 80s taught us about the questionable concept of the 'trickle down theory
', where wealth supposedly runs downhill like water through the various social levels from the top, benefiting all.