if one with a fairly unsophisticated understanding of economics wanted to understand, in broad strokes, how this happened, what could he read?pic.twitter.com/IFPbGNSrtR
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That is one graph of interest :)
yea I’m sure even people that have spent years studying this have different interpretations I see a lot of “the boomers stole our future” talk but nobody really explains how or by what means—and that’s what I want to understand (at least to some superficial degree)
I think my next guess would be "boomers had their peak earning years + wealth accumulation immediately before and during one of the hottest periods of economic growth in history and it was followed by a bit of a stagnation"
1/2 Baby boomers are at the start of retirement which is when you tend to have the most wealth and have already received most of the the generational transfer that comes from their parents dying, silents look the way they do because they are aren't a ton left and have used a lot
2/2 wealth to fund the retirement they have been in for 20 years, check the graph again in 20 years and gen x will look quite a bit different.
I hear @EricRWeinstein talk about this a lot, blaming it on slowing growth and parasitic behavior from the olds. To his point, it's not just wealth that is hoarded. This doesn't have answers, but also asks the questionhttps://towardsdatascience.com/why-do-boomers-still-run-everything-242779108b56 …
yea I remember he talked about this a bit in his interview with douthat, but but I think since he what he was trying to do was more along the lines of justify his skepticism wrt the “good intentions” of neolib establishment, he didn’t really take time to go into details
I want to see the average derivative of log of wealth growth for each generation (and how it's changed over time); I'd be rly interested to see how each generation is doing roughly-adjusted for how much capital they have at any point in time.
also would like to see a graph over time of (wealth divided by expected years of life left) b/c it just seems like an interesting metric.
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