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"The richest people in the US (the ones with 80% of the wealth) have probably in most cases earned it" That is a lie. Only a negligible fraction of actual capi
by IvanAcostaRubio 16y ago
"The richest people in the US (the ones with 80% of the wealth) have probably in most cases earned it"
That is a lie. Only a negligible fraction of actual capital accumulation can be tie to life cycle savings. Therefore, we must conclude that intergenerational transfers account (inherit capital) for the VAST MAJORITY of aggregate capital accumulation in the USA.
See an MIT/Yale study on the subject. http://bit.ly/fjmyIw http://bit.ly/fjmyIw
I am not advocating a cero sum game or that everybody should be equal, but when you have the VAST majority of capital in the USA being inherit, the merit of earning that capital fades away pretty quickly.