Monday, July 30, 2007

Rich kids don't stay rich

Robert Frank at the WSJ writes in a fascinating post today that the children of wealthy families often end up squandering their inheritances:

What if growing up rich actually has disadvantages?... Eventually, I argue, their money will run out. And much of the inherited wealth in America will flow back to people who actually earn it — as it has throughout history. This is what makes wealth in America dynamic, rather than dynastic.



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