The Problems of Growing Up Rich and Inherited Weath

Jessica Winter has a review of Edward St. Aubyn’s latest novel about the dire consequences of growing up privileged. Knowing some people who have grown up super rich, I agree that it can be a burden from which it is hard to recover. Of course, so is growing up poor.

This seems to be another argument for higher marginal taxes on the rich (and perhaps negative marginal taxes on the poor) that isn’t often stressed. It would also be a strong argument for very high estate taxes.

I can see very little economic argument for allowing families to form dynasties that allow future generations to not be productive members of society.

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