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"...but in any event do not by virtue of having inherited a lot of money block the upward striving of others."
It seems to me that Dr. Posner has dodged the real issue here: what is the value to society of allowing large intergenerational transfers of wealth? I see very little to recommend it.
Large estates are accumulated through education, industry, perseverance and luck - and a fertile commercial environment to which all Americans contribute. Differential achievement is an important factor in maximizing the productivity of that fertile environment, inherited wealth is not.
Inequality in Income and Wealth—Posner
In discussing inequality of income and wealth (I’ll use “inequality” to cover both) one could focus on inequality between countries—rich countries versus poor countries—or on inequality of wealth within countries. The two inequalities could change at different rates, even in different directions...
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Jan 31, 2011
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