The Sons Also Rise

This from Prof. Dr. Dr. Krugman -- follow link to original
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The Sons Also Rise

Here are the stages of inequality rationalization:

1. Rising inequality? What rise in inequality?

2. OK, inequality has been rising, but it doesn’t matter, because we have lots of social mobility.

3. OK, we don’t have lots of social mobility. But that’s a good thing.

John Quiggin sees Tyler Cowen making the transition from #2 to #3, and does a systematic demolition job.

Go read Quiggin. I’d just like to note that I saw this coming way back in 2002, when I took note of the remarkable number of “sons of” serving in high positions, and concluded that “inherited status is making a comeback.” I concluded,

The official ideology of America’s elite remains one of meritocracy, just as our political leadership pretends to be populist. But that won’t last. Soon enough, our society will rediscover the importance of good breeding, and the vulgarity of talented upstarts.

For years, opinion leaders have told us that it’s all about family values. And it is — but it will take a while before most people realize that they meant the value of coming from the right family.

And here it comes.