What Marks Foly Didn't Take Into Account

capitalism is pretty good at churning because there is one % that has most of the money, but that one percent actually changes. A fortune 500 company only has a life span of 30 years and a family fortune generally, has a life spans of three generations. Each of you has something like a ten% chance of being in top one per cent at some point in your life. And so the structure, the unequal distribution, is really stable. But the composition changes.