Conclusion: "This paper adds another data point to our understanding of intergenerational wealth transmission. Our conclusion: it’s not the resources here, it’s the social connections."
[0] https://twitter.com/leah_boustan/status/1112689110819442690
Conclusion: "This paper adds another data point to our understanding of intergenerational wealth transmission. Our conclusion: it’s not the resources here, it’s the social connections."
[0] https://twitter.com/leah_boustan/status/1112689110819442690
I mean, having to hire labour rather than owning slaves changes the cost structure of their businesses, but it doesn't mean their plantations suddenly stopped growing things.
If anything, this points towards the idea that slavery was economically inefficient.
I wonder how the children of our politicians and business elites do compared to ordinary folks? In the US, we have been brainwashed with the propaganda about meritocracy that we blindly believe as an absolute truth as children. It's only when we get older we realize that success has a lot more to do with connections than hard work.