Today’s rich families in #Florence, #Italy, were rich 700 years ago...
Today’s rich families in #Florence, #Italy, were rich 700 years ago - Vox
A lot has changed in the Italian city of Florence in the roughly 700 years since the 1427 #census, but a striking new paper from Guglielmo #Barone and Sauro #Mocetti shows that one thing has changed less than you might think — the genealogical composition of who is rich and who is not.
Conventional #studies of #economic #mobility generally look at the change across one generation — typically comparing the #incomes of fathers and their sons. These studies show that mobility varies significantly from #country to country, with a relatively low 0.2 percent elasticity of income in the Nordic countries and a relatively high 0.5 percent elasticity of income in places like the #UK, the #US, and Italy. An elasticity of (...)