Piketty is thinking of that low-profile family that has all the basic patents on water.
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The American Dream is predicated on an ambition to "get rich quick" and an impatience that even the miracle of compound interest could never satisfy. Nobody wants to be stuck on the escalator behind old money predecessors; that's why it's imperative to leap ahead.
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No one person is self made. No empirical scientist believes that, since it is a direct falsifiable observation that people only get rich by economic interaction with other humans. Harvesting margins/money from other people.
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Many people work hard and behave optimally. From this group few become billionaires
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It must further frustrate him that the source of so many modern fortunes would be difficult to fully explain to someone from 1950 or even more recently. Or that past 'monopolists' are only dimly remembered, such as Alta Vista.
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To trace the old fortunes, you have to look at foundations. US tax laws make old-style family fortunes untenable, so instead US billionaires endow a foundation to advance their social aims.
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Mr Sailer, that is a tough sentence. Want to follow.
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