Intergenerational mobility in England, 1858-2012. Wealth, surnames, and social mobility
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.
|Date of creation:||Nov 2013|
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- Dearden, Lorraine & Machin, Stephen & Reed, Howard, 1997.
"Intergenerational Mobility in Britain,"
Royal Economic Society, vol. 107(440), pages 47-66, January.
- Lorraine Dearden & Stephen Machin & Howard Reed, 1995. "Intergenerational mobility in Britain," IFS Working Papers W95/20, Institute for Fiscal Studies.
- Lorraine Dearden & Stephen Machin & H Reed, 1996. "Intergenerational Mobility in Britain," CEP Discussion Papers dp0281, Centre for Economic Performance, LSE.
- Nicoletti Cheti & Ermisch John F, 2008. "Intergenerational Earnings Mobility: Changes across Cohorts in Britain," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 7(2), pages 1-38, January.
- Ermisch, John & Nicoletti, Cheti, 2005. "Intergenerational earnings mobility: changes across cohorts in Britain," ISER Working Paper Series 2005-19, Institute for Social and Economic Research.
- Jason Long, 2013. "The surprising social mobility of Victorian Britain," European Review of Economic History, Oxford University Press, vol. 17(1), pages 1-23, February.
- Gregory Clark & Neil Cummins, 2013. "Surnames and social mobility: England 1230-2012," Economic History Working Papers 54515, London School of Economics and Political Science, Department of Economic History. Full references (including those not matched with items on IDEAS)
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