Like father, not like son

摘要

In Horatio Alger's famous story, "Ragged Dick", a plucky boot shiner improves his Lot through hard work, honesty and Learning his "three Rs" (reading, 'riting and 'rithmetic). The marks of his success are a suit, an office job and a new name, "Richard Hunter, Esq". These days economists use more sophisticated gauges. They measure mobility over a lifetime (rags to riches, orthe reverse), between generations (how children do relative to their parents), in absolute terms (whether children are richer or poorerthan their parents) orin relative ones (whether children are higher or lower on theincome ladderthan their parents).