Central banks may have averted the impending doom following the financial crash of 2008, but French philosopher Thomas Piketty has told CNBC it's now time for governments to step in and deliver the right progressive taxation on income and wealth to wipe out extreme inequality.
"I think we have been asking too much of central banks in the past...it's easy for them to print money, but sometimes they don't know what they are going to do with it," he told CNBC Thursday.
"I think the right solution, the right response is to ask more to fiscal policy...at the end of the day you have a better sense of what you do with the money and how much you are asking to the different groups in society."
Piketty's new book "Capital in the Twenty-First Century" has inspired an economic debate the likes of which hasn't been seen in at least four years. Topping bestseller lists and regularly selling out at online retail stores, the book has proven fodder for Keynesian economists while riling supply-side advocates who believe Piketty's prescription of massive tax increases for the wealthy is a sure-fire way to kill growth.