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Greg Clark: Genetics and Social Mobility — #14

Manifold

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The Effects of Wealth on Social Status

The data shows that wealth tends to adjust in the long run to people's social status. If you come from a big family and don't get much wealth transmitted, you'll tend to accumulate more if you have relatively high social status. But if you get a lot of wealth and you have relatively low occupational status, that wealth will tend to dissipate. And so it's true in the short run that wealth shows this strong social effect. But actually, in the longrun, it remains highly correlated with people's other measures of their social status. Yes.

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