Document Type

Working Paper

Publication Date

6-27-2012

SSRN Discipline

Economics Research Network; Financial Economics Network; Humanities Network

Abstract

Reviews recent studies of economic and social mobility and concludes that the US is not the open achievementoriented society that most imagine Even though we cherish myths like that of Horatio Alger and others who rose from poverty to high stations in life relatively few Americans actually do so today Americans exhibit much less upward mobility than most believe even less than the supposedly classless societies of Europe Very few individuals born in the bottom quarter of class and wealth end up anywhere near the top while most rich families manage to pass much of the family wealth to their kids resulting in dynasties The myth of upward mobility operates as a control device to keep the poor from demanding broad social reforms After all if one is apt to be discovered by a talent scout or become a millionaire by means of a clever invention why press for better schools neighborhood parks and libraries all of which will merely raise taxes during the period before one arrives on Easy Street

Download

Share

COinS