http://faculty.econ.ucdavis.edu/faculty/gclark/The%20Son%20Also%20Rises/Is%20Most%20Wealth%20Inherited%20or%20Created.pdf
But we see above that even for late nineteenth century England,
where Piketty would expect 80-90% of wealth to be inherited, the share is instead
somewhere between 18% and 48%.
But there is nothing in English history 1858-2012 to suggest that wealth
inheritance itself explains most of current wealth. In all periods wealth creation de
novo accounts for most wealth. Yet this is consistent with the tendency to create
wealth to also be inherited within family lineages.
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