Each year Forbes magazine compiles a list of the 400 wealthiest Americans. An analysis of how the

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Each year Forbes magazine compiles a list of the 400 wealthiest Americans. An analysis of how the people on the list earned their wealth found: “In 1984, less than half the people on The Forbes 400 were self-made; in 2018, 67% of the 400 created their own fortunes.” Does this finding have any implications for whether we should consider the top 1 percent of the income distribution as consisting of mostly the same people each year? Briefly explain.

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Microeconomics

ISBN: 9780135952955

8th Edition

Authors: Glenn Hubbard, Anthony Patrick O Brien

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