May 132011
Bill Bonner has an excellent article on wealth and how it is created. Here is an excerpt:
The idea is both self-evident…and shocking. In America, you are supposed to be self-reliant, self-sufficient and independent. You should believe that you are responsible for your own success. You are supposed to be able to do whatever you want to do…and go as far as your luck and pluck permit.
What if it weren’t true? What if your success in life depended largely on your parents and grandparents?
Bonner’s speculations are similar to much of Thomas Sowell’s work in the sense that there may be a “learned competence” amongst families or groups that provides substantial explanation for differential success.
