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You may cancel your subscription at anytime by calling Customer Service. Skip to Main Content Skip to Search. Our emails are made to shine in your inbox, with something fresh every morning, afternoon, and weekend. The richest families in Florence, Italy have had it good for a while— years to be precise.
Comparing the family wealth to those with the same surname today, they suggest the richest families in Florence years ago remain the same now. The study was able to exploit a unique data set—taxpayers data in was digitized and made available online—to show long-term trends of economic mobility.
While researchers admit the flaws to tracing family wealth using surnames, they point out Italian surnames are usually highly regional and tend to pass on linearly. The most plausible explanation of this data is that simply projecting one generation of mobility out across three or four or 30 generations is misleading.
Income and occupational social status are linked, but only imperfectly so. It's not unusual for the child of an economically successful professional to attend an elite educational institution and then move into an artistic or academic or nonprofit career or political career that might still involve traveling in elite circles but at a much lower salary level than his father's.
If the professional's grandson then also attended an elite college and moved into a high-paying career in business and law, statistics would show a great deal of economic mobility while common sense would indicate three generations' worth of a high-status family. Shared family access to real estate assets, social connections, a common gene pool, and elite educational institutions could allow for a great deal of long-term entrenchment even as a close-up view appeared to show instability as people shift in and out of different fields.
The truth, however, is that we don't really know what's going on. Short-term mobility is much easier to study than long-term mobility, since the records are much more precise and complete.
The important thing to know is that as best as we can tell, short-term mobility does not translate into long-term mobility — even in countries like Sweden where short-term mobility is very high. So on the one hand, Becker's reassurance that we don't need to worry about inequality because long-term mobility is high seems wrong.
On the other hand, the notion that Sweden-style policies are good because they promote long-term mobility also seems wrong. Perhaps mobility itself is an inherently misguided social goal. Our mission has never been more vital than it is in this moment: to empower through understanding.
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