At the ASI.
On Greg Clark’s new paper on the inheritance of wealth.
People are going to have to be very careful on this. Is it actually the wealth itself that is being inherited? One example given is the Bazalgettes. Is Sir Peter stinking rich because he inherited money or is he stinkling rich because he inherited intelligence? The social attitudes to be an entrepreneur?
What has been inherited?
And do note: the paper does not show that wealth hsa been inheirted at all. It shows that those whose fathers die rich are likely to die rich themselves. That’s a different statement.