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American wealth is closely tied to how wealthy a given persons parents were [0]. Given this, I’m skeptical that the wealthy would become wealthy again. The cou
by jdavis703 6y ago
American wealth is closely tied to how wealthy a given persons parents were [0]. Given this, I’m skeptical that the wealthy would become wealthy again.
The counterpoint is the richest Southern families quickly recovered their positions in the years after the Civil War [1]... but that relied heavily on racist policies, and of course these families still owned capital like land.
0: http://www.pewtrusts.org/~/media/assets/2015/07/fsm-irs-report_artfinal.pdf http://www.pewtrusts.org/~/media/assets/2015/07/fsm-irs-repo...
1: https://www.nber.org/papers/w25700?utm_campaign=ntwh&utm_medium=email&utm_source=ntwg2 https://www.nber.org/papers/w25700?utm_campaign=ntwh&utm_med...
- golergka 6y agoBut intelligence is directly connected to it, too. And I'm not even speaking about generic aspect: it's the cultural thing of how important education is perceived to be. In Russia, two generations after the revolution you could still guess where did the family originally come from originally by this cultural divide alone.
- ulucs 6y agoWealth is (obviously) corralated with many properties that make it easier to gain wealth. To look at the effect of parents' wealth (and solely that) on children, you need to look into lottery winners or Bitcoin/APPL holders.