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But it doesn't last long. After 3 generations, maybe less, there's little statistical difference between those descended from wealth and those not (all else equ
by Houshalter 9y ago
But it doesn't last long. After 3 generations, maybe less, there's little statistical difference between those descended from wealth and those not (all else equal!) The super wealthy may leave billion dollar empires to their children, sure. But if we are talking about the upper middle class, a moderate inheritance from your parents isn't going to make or break your life's outcome.
- zepto 9y agoA moderate inheritance plus support during your education may well make or break your life's outcome vs someone born to a poor family. 'Inheritance' doesn't have to mean just what was passed down at death - it must also include all the additional resources available during development to have any meaning.
- Houshalter 9y agoBut it doesn't! That's the point. Otherwise the lottery winners kids would be better off since they could go to better schools and afford college. In general there's little evidence that education makes any difference at all.
- zepto 9y agoSeriously, your lottery winners example is meaningless. But if you are saying that education makes little difference to lifetime earnings, you're going to have to back that up with a reference because it's an extraordinary claim.