essentially it means that you can’t earn a little bit more than average and pass it on to your kids to build up dynastic wealth
I don’t think it ever works like this—saving a bit and accumulating it generation after generation. The variability in your income/wealth/general social conditions is just too high. “Dynastic wealth” is usually formed by one generation striking it absurdly rich and the following generations being good stewards of it.
I don’t think it ever works like this—saving a bit and accumulating it generation after generation. The variability in your income/wealth/general social conditions is just too high. “Dynastic wealth” is usually formed by one generation striking it absurdly rich and the following generations being good stewards of it.