Effects of World War II
Economists assert that the largest transfer of wealth will be as the older generation leaves wealth to the baby boomers. Inheritance has been estimated to make up 6% of the US GDP each year. The current generation is wealthier than any generation before. This increase in wealth and inheritance indicates a rise of "old money" in American families. Stephen Haseler argues that America is becoming an inheritance culture in which much economic opportunity is from family inheritance and not personal achievement.
Read more about this topic: Old Money
Famous quotes containing the words effects of, effects, world and/or war:
“Virtues are not emotions. Emotions are movements of appetite, virtues dispositions of appetite towards movement. Moreover emotions can be good or bad, reasonable or unreasonable; whereas virtues dispose us only to good. Emotions arise in the appetite and are brought into conformity with reason; virtues are effects of reason achieving themselves in reasonable movements of the appetites. Balanced emotions are virtue’s effect, not its substance.”
—Thomas Aquinas (c. 1225–1274)
“Perspective, as its inventor remarked, is a beautiful thing. What horrors of damp huts, where human beings languish, may not become picturesque through aerial distance! What hymning of cancerous vices may we not languish over as sublimest art in the safe remoteness of a strange language and artificial phrase! Yet we keep a repugnance to rheumatism and other painful effects when presented in our personal experience.”
—George Eliot [Mary Ann (or Marian)
“The only human beings I have thoroughly admired and respected in the world have been those who carried the load of the world with a smile, and who, in the face of anxieties that would have knocked me clean out, never showed a tremor. Such men and women end by owning us, soul and body, and our allegiance can never be shaken. We are only too glad to be owned. Religion is nothing but this.”
—Henry Brooks Adams (1838–1918)
“Tell me not, sweet, I am unkind,
That from the nunnery
Of thy chaste breast and quiet mind
To war and arms I fly.”
—Richard Lovelace (1618–1658)