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Bonus Quotation of the Day…

… is from page 121 of Phil Gramm’s, Robert Ekelund’s, and John Early’s 2022 book, The Myth of American Inequality: How Government Biases Policy Debate (footnote deleted):

As with the Vanderbilts, large accumulations of wealth [by families] in America typically disappear within about four generations. Other mega-rich families like the Kluges, Hartfords, and Strohs completely disappeared so quickly that they are now known only to economic historians.

DBx: Yep.

Note that this dissolving and eventual disappearance of accumulated wealth in families in America is nearly impossible for the likes of Thomas Piketty (and many other like-minded folks) to explain. Piketty, recall, insists that – barring shooting wars or major economic collapses – wealth in capitalist societies grows automatically.


Bob Ekelund served as chairman of my doctoral dissertation committee at Auburn University back in the mid-1980s. I learned much from Bob and remain grateful for his mentorship and support through the years. I’m proud to call myself his student.