Greg Clark: The Law of Return: Is There a Physics of Social Mobility
- y(t) = b y(t) + e(t)
- b = 0.75 on a generational scale
- Social institutions matter rarely.
- Matters: isolated non-intermarrying elite.
- Matters: assortative mating.
Conventional estimates of b (a) different, (b) vary with social institutions, (c) low enough to guarantee complete reversion in five generations...