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May 24, 2005

Best Predictor of Wealth?

Of all the choices an individual can make in the United States which is the choice that most affects their wealth accumulation?

Check out this excerpt from a letter to today's Wall Street Journal:

Thus, while the results vary by dataset, nobody (except Mr. Reynolds) is currently claiming the evidence shows "it has become substantially easier to move from one economic class to another." Today, at least as much as in the 1970s, the most important choice you make remains choosing the right parents.

David I. Levine

Professor, Haas School of BusinessUniversity of California, BerkeleyBerkeley, Calif.

Bhashkar Mazumde

EconomistFederal Reserve Bank of ChicagoChicago

May 24, 2005 in Economy and Unions | Permalink

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