RES: The "law" of wealth concentration

[Lisa & Ian Murray]

>
> As I recall - and it's been a while - Modigliani argued against a
> high inheritance estimate, no doubt because he was fond of his life
> cycle hypothesis. I don't recall the divisions being as stark as
> this, though; I recall 50% being quite a conservative estimate.
>
> Doug
=======
It was Kotlikoff & Summers [i think it was the evil one?] that disputed
Modigliani saying it was 80% and then Alan Blinder tried to adjudicate the
competing methods and came up with the notion that 20% of the total couldn't
be identified by either methodology [I W in A 51-52].

Ian


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