Episode 68: As Long As People Are Free, There Will Be Inequality
Words & Numbers
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The Fallacy of the Rich and the Poor
There's a significant amount of mobility amongst those groups. intergenerationally from parent to child, there's a 66% chance of a child who's born into the bottom 20%, moving up to a higher quintile. This idea of wealth being hoarded and passed on generationally just doesn't fit with the data. And it's not just across generations. It's across ages. We talk about income inequality but we never say where does the average 55 year old man fit into this breakdown? And where does theAverage 16-year-old fall in this breakdown? Because I'd really want to control for that at different points in a working life, you can expect to make vastly different amounts
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