> Michael Cohen wrote:
>
> >
> No one really has a good picture of inheritance, but the studies I've read
> show that about 50-75% of existing wealth is the result of inheritance or
> the returns on inherited wealth. 50% is conservative, but 75% is far from
> outlandish.
>
> Doug
Thanks again. I have a source which claims that there is considerable squanderingfrom generation. I'll have to check it and see. If wealth stayed around for 100's of years or generation to generation, you should get a rentier aristocracy very concerned with preserving capitalism a la Roosvelt. People told me this was the situation in Germany but I wouldn't even hazard a guess. .... . If the very wealthy squander their wealth in a generation or two in general you get what looks like the US or your narcisistic type, i.e. aprez moi le deluge. This is napkin sociology and needs to be backed up with serious comparative history. Certainly American elites appear deficient from close up but we don't have much experience first hand with corresponding foreigners.
--mike -- Michael Cohen mike at cns.bu.edu Work: 677 Beacon, Street, Rm313 Boston, Mass 02115 Home: 25 Stearns Rd, #3 Brookline, Mass 02146 Tel-Work: 617-353-9484 Tel-Home:617-734-8828 Tel-FAX:617-353-7755