RES: The "law" of wealth concentration

Lisa & Ian Murray seamus at
Thu Aug 17 19:26:29 PDT 2000

> 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].



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