Tyler Cowen posts on income mobility and raises a lot of the points that I did here. For example:
How much of immobility is due to “inherited talent plus diminishing role for random circumstance� Is not this cause of immobility very different — both practically and morally — from such factors as discrimination, bad schools, occupational licensing, etc.? What are you supposed to get when you combine genetics with meritocracy? I do not know how much of current American (or other) immobility is due to this factor, but I find it discomforting that complaints about mobility are so infrequently accompanied by an analysis of this topic.
Well, as intergenerational mobility is decreasing, then there are probably factors other than inherited talent involved. You can also compare the U.S. to other countries, such as in Europe. Presumably, parents instill their values and work ethics there too, but there is more intergenerational economic mobility in Europe. There seems to be a large measure of macroeconomics involved.
“there is more intergenerational economic mobility in Europe”
On that, Tyler wrote: