Five years ago our steering committee member here at Equitable Growth Janet Yellen gave a very good talk on building blocks of opportunity in America: Janet Yellen: Perspectives on Inequality and Opportunity from the Survey of Consumer Finances https://www.federalreserve.gov/newsevents/speech/yellen20141017a.htm: "[I] identify and discuss four sources of economic opportunity in America--think of them as "building blocks" for the gains in income and wealth that most Americans hope are within reach of those who strive for them. The first two are widely recognized as important sources of opportunity: resources available for children and affordable higher education. The second two may come as more of a surprise: business ownership and inheritances. Like most sources of wealth, family ownership of businesses and inheritances are concentrated among households at the top of the distribution. But both of these are less concentrated and more broadly distributed than other forms of wealth, and there is some basis for thinking that they may also play a role in providing economic opportunities to a considerable number of families below the top...
#noted #2019-12-04
