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)
“Consider what effects which might conceivably have practical bearings we conceive the object of our conception to have. Then our conception of these effects is the whole of our conception of the object.”
—Charles Sanders Peirce (1839–1914)
“The world is emblematic. Parts of speech are metaphors, because the whole of nature is a metaphor of the human mind.”
—Ralph Waldo Emerson (1803–1882)
“The great war that broke so suddenly upon the world two years ago, and which has swept up within its flame so great a part of the civilized world, has affected us very profoundly.... With its causes and its objects we are not concerned. The obscure fountains from which its stupendous flood has burst we are not interested to search for or explore.”
—Woodrow Wilson (1856–1924)