Thomas Piketty

Angela Merkel is Time Person of the Year 2015, Islamic State leader al-Baghdadi takes second place

Time magazine Wednesday named German Chancellor Angela Merkel as its "Person of the Year 2015," hailing her leadership during Europe's debt, refugee and migrant crises, as well as Russia's intervention in Ukraine.

Watch: Europe should welcome immigrants, terror no excuse for closed doors, says Thomas Piketty

Piketty spoke at Mehboob Studios, Mumbai about his study, conducted with the Indian economist Abhijit Banerjee, on income inequality levels that were prevalent in India more than 10 years ago.

Behind Japan's and EU's crisis is capitalism's failure to ensure free markets in labour

Japan's latest stimulus will not work - just as its earlier ones didn't. Nor will Europe's austerity. Capitalism's repeated crisis is the result of undermining markets for labour, and mollycoddling capital