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Intergenerational mobility in England, 1858-2012. Wealth, surnames, and social mobility

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  • Clark, Gregory
  • Cummins, Neil

Abstract

This paper uses a panel of 21,618 people with rare surnames whose wealth is observed at death in England and Wales 1858-2012 to measure the intergeneration elasticity of wealth over five generations. We show, using rare surnames to track families, that wealth is much more persistent over generations than standard one generation estimates would suggest. There is still a significant correlation between the wealth of families five generations apart. We show that this finding can be reconciled with standard estimates of wealth mobility by positing an underlying Markov process of wealth inheritance with an intergenerational elasticity of 0.70-0.75 throughout the years 1858-2012. The enormous social and economic changes of this long period had surprisingly little effect on the strength of inheritance of wealth.

Suggested Citation

  • Clark, Gregory & Cummins, Neil, 2013. "Intergenerational mobility in England, 1858-2012. Wealth, surnames, and social mobility," LSE Research Online Documents on Economics 54513, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:54513
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    References listed on IDEAS

    as
    1. Clark, Gregory & Cummins, Neil, 2013. "Surnames and social mobility: England 1230-2012," LSE Research Online Documents on Economics 54515, London School of Economics and Political Science, LSE Library.
    2. Jason Long, 2013. "The surprising social mobility of Victorian Britain," European Review of Economic History, European Historical Economics Society, vol. 17(1), pages 1-23, February.
    3. Lindahl, Mikael & Palme, Mårten & Sandgren Massih, Sofia & Sjögren, Anna, 2012. "The intergenerational persistence of human capital: an empirical analysis of four generations," Working Paper Series 2012:12, IFAU - Institute for Evaluation of Labour Market and Education Policy.
    4. repec:ehl:wpaper:54515 is not listed on IDEAS
    5. Dearden, Lorraine & Machin, Stephen & Reed, Howard, 1997. "Intergenerational Mobility in Britain," Economic Journal, Royal Economic Society, vol. 107(440), pages 47-66, January.
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    More about this item

    Keywords

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    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions
    • J62 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Job, Occupational and Intergenerational Mobility; Promotion
    • N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913

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