Not impossible, but if so you'd expect good decision-makers to become rich regardless of social standing, but instead we see people largely limited by the income of their parents. Look up the Gini coefficient
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Replying to @OrthoFolks
I only dismiss explanations that aren't well explained by the facts at hand
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Replying to @OrthoFolks
While gini alone does not address mobility, I'm not aware of any country that has a high coefficient and does well on other measures of mobility
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Replying to @OrthoFolks
I've read quite a bit of evidence to refute that claim. Most millionaires and billionaires inherited large sums. The best predictor of personal wealth aside from age is parental wealth
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Replying to @OrthoFolks
Does that matter? If the vast majority of your wealth is down to how much your parents have, the mechanism itself is less interesting than the result
11:25 PM - 11 Jul 2019
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