Yeah, in the beginning, I made this assumption that, despite her bullshit and naive political views, anyone who could get an econ degree from a reputable university and (allegedly) graduate with any kind of distinction couldn't be technically stupid.
I've since reconsidered my position.
Here's the thing, there are a TON of questionable "economic" degrees out there and this is problem #1 why the subject isn't taken very seriously. There's also lots of games with wording "political economics" "philosophy and economics" "arts of economics" etc.
Then there's the wholesale politicisian of and movement Left of academics where asinine and obsolete philosophy's are given just as much or more platforms as "legit" science. The fact that you can go get a marxist econ degree is fucking laughable and only possible bc of non econ admins making it so.
#1 question I'm looking at, is it a science or art degree? If it's the latter it's slightly better than a business degree at best and could be worse depending on the competitiveness of the program.
#2 is it anything other than a "bachelor/masters/phd of science in economics" or some other marketing name splashing economics to sound better? I'm looking at Robert Reich who likes to call himself an economist despite only having a master's in philosophy/politics/economics from oxford where he read 2 books on Keynes and 20 by Marx and nothing from Hayek.
#3 what program is it and where is it? Is it a science school? Do they engage in serious economic research or just have a teaching program etc. Plenty of people who couldn't hack it in real economics that then go become professors at liberal arts colleges because they say things "right" politically.
I digress, plenty of retards can sleep, cheat, or fuck their way through a program even if it is a good program and that goes for lots of subjects.
Tldr black eye for economists imo.
Economics in college is fucktarded and full of old school shit like "cutting taxes increases revenues". Supply side economics actually men's the wealth will be spread down to the poor. And other bullshit.
That 60% of wealth is inherited is categorically a false statement.
Over 75% of the people on the Forbes list made their money in a single generation. Simple fact.
According to Thomas J. Stanley's book, "The Millionaire Next Door: The Surprising Secrets of America's Wealthy," only 20% of millionaires inherited their riches. The other 80% are what you'd call nouveau riche: first generation millionaires who earned their cash on their own. Many millionaires simply worked, saved and lived within their means to generate their wealth - think accountants and managers: regular people going to work every day. Most millionaires didn't get their riches overnight when a rich relative died - they worked for the money.
That 60% of wealth is inherited is categorically a false statement.
Over 75% of the people on the Forbes list made their money in a single generation. Simple fact.
According to Thomas J. Stanley's book, "The Millionaire Next Door: The Surprising Secrets of America's Wealthy," only 20% of millionaires inherited their riches. The other 80% are what you'd call nouveau riche: first generation millionaires who earned their cash on their own. Many millionaires simply worked, saved and lived within their means to generate their wealth - think accountants and managers: regular people going to work every day. Most millionaires didn't get their riches overnight when a rich relative died - they worked for the money.
It's been my experience that creators of large amounts of wealth are work junkies. Their greatest hobby is literally working at their job. Look at Buffet. Almost 90 and putting on a suit and going to work everyday. Paul Allen was the accidental billionaire. He retired at age 30. While he putzed around with this investment company, it wasn't working at Microsoft. Bill Gates didn't retire. You know the type - gets in early, leaves late, works on vacation, never far from a cell phone an email. When you are away from your family all the time, it's tough to instill that type of savage work ethic into your kids who probably resent the hell out of you. Think Urban Meyer's daughter.
That 60% of wealth is inherited is categorically a false statement.
Over 75% of the people on the Forbes list made their money in a single generation. Simple fact.
According to Thomas J. Stanley's book, "The Millionaire Next Door: The Surprising Secrets of America's Wealthy," only 20% of millionaires inherited their riches. The other 80% are what you'd call nouveau riche: first generation millionaires who earned their cash on their own. Many millionaires simply worked, saved and lived within their means to generate their wealth - think accountants and managers: regular people going to work every day. Most millionaires didn't get their riches overnight when a rich relative died - they worked for the money.
That 60% of wealth is inherited is categorically a false statement.
Over 75% of the people on the Forbes list made their money in a single generation. Simple fact.
According to Thomas J. Stanley's book, "The Millionaire Next Door: The Surprising Secrets of America's Wealthy," only 20% of millionaires inherited their riches. The other 80% are what you'd call nouveau riche: first generation millionaires who earned their cash on their own. Many millionaires simply worked, saved and lived within their means to generate their wealth - think accountants and managers: regular people going to work every day. Most millionaires didn't get their riches overnight when a rich relative died - they worked for the money.
It's been my experience has been the farther from the initial creation of wealth, the more fucked up the stewardship of said wealth becomes.
Usually Gen 3 is about where it all goes to shit - but Gen 2 does a pretty good job of fucking things up.
According to this 70% of the wealth is lost by the second generation. The point being, they vast majority of the wealthy go that way through their own work ,not inherited.
That 60% of wealth is inherited is categorically a false statement.
Over 75% of the people on the Forbes list made their money in a single generation. Simple fact.
According to Thomas J. Stanley's book, "The Millionaire Next Door: The Surprising Secrets of America's Wealthy," only 20% of millionaires inherited their riches. The other 80% are what you'd call nouveau riche: first generation millionaires who earned their cash on their own. Many millionaires simply worked, saved and lived within their means to generate their wealth - think accountants and managers: regular people going to work every day. Most millionaires didn't get their riches overnight when a rich relative died - they worked for the money.
It's been my experience has been the farther from the initial creation of wealth, the more fucked up the stewardship of said wealth becomes.
Usually Gen 3 is about where it all goes to shit - but Gen 2 does a pretty good job of fucking things up.
According to this 70% of the wealth is lost by the second generation. The point being, they vast majority of the wealthy go that way through their own work ,not inherited.
Truth. That's pretty close to my fucked up record with family-controlled businesses (not mine, ones I've worked with).
First time - second gen fucked it up and I came in and cleaned it back up so first gen didn't stroke out. Pretty sure 3rd gen hasn't fucked it back up but they had a smart lesbo daughter coming down the pike and I think she kicked her parents out.
Second one - very recognizable family business. Third gen still rich as fuck but quite a bit of dysfunction and warring tribes along the way. One tribe won, the other tribe is out doing other shit now. I had the joy to work with the losing tribe.
Third time - third gen totally destroyed it. I bailed after six months when I figured out it couldn't be salvaged. FTG. They are out of business now.
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Over 75% of the people on the Forbes list made their money in a single generation. Simple fact.
https://www.google.com/amp/s/www.forbes.com/sites/rainerzitelmann/2019/06/24/amazing-facts-that-prove-inheritance-is-mostly-overrated-as-a-reason-for-wealth/amp/
Usually Gen 3 is about where it all goes to shit - but Gen 2 does a pretty good job of fucking things up.
I would say you are smarter than that but your body of work says different.
AOC set to cash out on the speaking/book circuit after she gets voted out of office next term.
https://www.fastcompany.com/90372281/5-lies-youve-been-told-about-generational-wealth
First time - second gen fucked it up and I came in and cleaned it back up so first gen didn't stroke out. Pretty sure 3rd gen hasn't fucked it back up but they had a smart lesbo daughter coming down the pike and I think she kicked her parents out.
Second one - very recognizable family business. Third gen still rich as fuck but quite a bit of dysfunction and warring tribes along the way. One tribe won, the other tribe is out doing other shit now. I had the joy to work with the losing tribe.
Third time - third gen totally destroyed it. I bailed after six months when I figured out it couldn't be salvaged. FTG. They are out of business now.
So, yeah - about 70% fuck up by the next gen.
White boy looks like a hostage video