On Mon, Oct 24, 2011 at 3:38 PM, Doug Henwood <dhenwood at panix.com> wrote:
>
> On Oct 24, 2011, at 3:29 PM, lbo83235 wrote:
>
> > Doug, could you help me understand the basis of answering a question
> about the "[inter-]generational perpetuity of wealth" on the basis of
> *income rather than wealth*?
>
> There really isn't much data on wealth. With income, you've got things like
> the PSID or, if you work for the Treasury, tax returns. No one really has
> any idea on wealth. I read a bunch of papers when I was researching Wall
> Street and the consensus seemed to be that 50-75% of wealth "dispersion" is
> the result of inheritances and the appreciation of inheritances. I imagine
> they dissipate over time. Look at all those old WASP fortunes created when
> Morgan bought the family steel company. Poor dears have to work for a living
> now, even if they do go to St Paul's.
>
> Doug
> ___________________________________
> http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk
>