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http://blogs.wsj.com/economics/2016/05/1.../?mod=e2fb
Quote:New research from a pair of Italian economists documents an extraordinary fact: The wealthiest families in Florence today are descended from the wealthiest families of Florence nearly 600 years ago.
The two economists — Guglielmo Barone and Sauro Mocetti of the Bank of Italy — compared data on Florentine taxpayers in 1427 against tax data in 2011. Because Italian surnames are highly regional and distinctive, they could compare the income of families with a certain surname today, to those with the same surname in 1427. They found that the occupations, income and wealth of those distant ancestors with the same surname can help predict the occupation, income and wealth of their descendants today.
As they wrote for the economics commentary website VoxEU, “The top earners among the current taxpayers were found to have already been at the top of the socioeconomic ladder six centuries ago.”
Their research was made possible by a fiscal crisis. In 1427, Florence was near bankrupt from an ongoing war with Milan and so the Priors of the Republic conducted a tax census of about 10,000 citizens. They took stock of the name and surname of the head of household, their occupation and their wealth.
http://blogs.wsj.com/economics/2016/05/1.../?mod=e2fb
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(05-19-2016, 06:59 PM)Dan Wrote: http://blogs.wsj.com/economics/2016/05/1.../?mod=e2fb
Quote:New research from a pair of Italian economists documents an extraordinary fact: The wealthiest families in Florence today are descended from the wealthiest families of Florence nearly 600 years ago.
The two economists — Guglielmo Barone and Sauro Mocetti of the Bank of Italy — compared data on Florentine taxpayers in 1427 against tax data in 2011. Because Italian surnames are highly regional and distinctive, they could compare the income of families with a certain surname today, to those with the same surname in 1427. They found that the occupations, income and wealth of those distant ancestors with the same surname can help predict the occupation, income and wealth of their descendants today.
As they wrote for the economics commentary website VoxEU, “The top earners among the current taxpayers were found to have already been at the top of the socioeconomic ladder six centuries ago.”
Their research was made possible by a fiscal crisis. In 1427, Florence was near bankrupt from an ongoing war with Milan and so the Priors of the Republic conducted a tax census of about 10,000 citizens. They took stock of the name and surname of the head of household, their occupation and their wealth.
http://blogs.wsj.com/economics/2016/05/1.../?mod=e2fb
The persistence of wealth seems widespread. I still think that a concept involving a new 'Jubilee' [ reset the wealth every 50 years or so] is worth consideration.
At some point the generations should earn their own way.
… whatever is true, whatever is honorable, whatever is just, whatever is pure, whatever is lovely, whatever is commendable, if there is any excellence, if there is anything worthy of praise, think about these things. Phil 4:8 (ESV)
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If the primary basis of wealth does not change, then the same wealthy families will remain wealthy indefinitely. Primogeniture really keeps the families the same.
The ideal subject of totalitarian rule is not the convinced Nazi or the dedicated Communist but instead the people for whom the distinction between fact and fiction, true and false, no longer exists -- Hannah Arendt.
