Effects of World War II
Economists assert that the largest transfer of wealth will be as the older generation leaves wealth to the baby boomers. Inheritance has been estimated to make up 6% of the US GDP each year. The current generation is wealthier than any generation before. This increase in wealth and inheritance indicates a rise of "old money" in American families. Stephen Haseler argues that America is becoming an inheritance culture in which much economic opportunity is from family inheritance and not personal achievement.
Read more about this topic: Old Money
Famous quotes containing the words effects of, effects, world and/or war:
“Virtues are not emotions. Emotions are movements of appetite, virtues dispositions of appetite towards movement. Moreover emotions can be good or bad, reasonable or unreasonable; whereas virtues dispose us only to good. Emotions arise in the appetite and are brought into conformity with reason; virtues are effects of reason achieving themselves in reasonable movements of the appetites. Balanced emotions are virtue’s effect, not its substance.”
—Thomas Aquinas (c. 1225–1274)
“If I had any doubts at all about the justice of my dislike for Shakespeare, that doubt vanished completely. What a crude, immoral, vulgar, and senseless work Hamlet is. The whole thing is based on pagan vengeance; the only aim is to gather together as many effects as possible; there is no rhyme or reason about it.”
—Leo Tolstoy (1828–1910)
“All my life long I have been sensible of the injustice constantly done to women. Since I have had to fight the world single-handed, there has not been one day I have not smarted under the wrongs I have had to bear, because I was not only a woman, but a woman doing a man’s work, without any man, husband, son, brother or friend, to stand at my side, and to see some semblance of justice done me. I cannot forget, for injustice is a sixth sense, and rouses all the others.”
—Amelia E. Barr (1831–1919)
“War and culture, those are the two poles of Europe, her heaven and hell, her glory and shame, and they cannot be separated from one another. When one comes to an end, the other will end also and one cannot end without the other. The fact that no war has broken out in Europe for fifty years is connected in some mysterious way with the fact that for fifty years no new Picasso has appeared either.”
—Milan Kundera (b. 1929)