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James Thomas
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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.
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Jan 31, 2011