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I'm not sure this is correct, at least not on average. I assure you it is true. It is not true only if there is a negative value to capital (ie, capital essent
by vannevar 7y ago
I'm not sure this is correct, at least not on average.
I assure you it is true. It is not true only if there is a negative value to capital (ie, capital essentially destroys itself). That's what you seem to be saying with your link, but that link looks at only a narrow segment of people (lottery winners) and even then, appears to merely be observing that winners subsequently have less labor income, not less overall income. Which intuitively seems reasonable---winners would be more likely to take early retirement. The idea that, all else being equal, having money means your income will go down is absurd on its face.