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)
“Like the effects of industrial pollution ... the AIDS crisis is evidence of a world in which nothing important is regional, local, limited; in which everything that can circulate does, and every problem is, or is destined to become, worldwide.”
—Susan Sontag (b. 1933)
“The militancy of men, through all the centuries, has drenched the world with blood, and for these deeds of horror and destruction men have been rewarded with monuments, with great songs and epics. The militancy of women has harmed no human life save the lives of those who fought the battle of righteousness. Time alone will reveal what reward will be allotted to women.”
—Emmeline Pankhurst (1858–1928)
“Christians would show sense if they dispatched these argumentative Scotists and pigheaded Ockhamists and undefeated Albertists along with the whole regiment of Sophists to fight the Turks and Saracens instead of sending those armies of dull-witted soldiers with whom they’ve long been carrying on war with no result.”
—Desiderius Erasmus (c. 1466–1536)