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:
“One of the effects of a safe and civilised life is an immense oversensitiveness which makes all the primary emotions somewhat disgusting. Generosity is as painful as meanness, gratitude as hateful as ingratitude.”
—George Orwell (1903–1950)
“Whereas Freud was for the most part concerned with the morbid effects of unconscious repression, Jung was more interested in the manifestations of unconscious expression, first in the dream and eventually in all the more orderly products of religion and art and morals.”
—Lewis Mumford (1895–1990)
“Art is not necessary at all. All that is necessary to make this world a better place to live in is to love—to love as Christ loved, as Buddha loved.”
—Isadora Duncan (1878–1927)
“In health of mind and body, men should see with their own eyes, hear and speak without trumpets, walk on their feet, not on wheels, and work and war with their arms, not with engine-beams, nor rifles warranted to kill twenty men at a shot before you can see them.”
—John Ruskin (1819–1900)