Maggie's Farm

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Tuesday, November 15. 2011

QQQs on economic mobility

"From shirtsleeves to shirtsleeves in three generations."


Lancashire version: “There’s nobbut three generations atween a clog and clog.”


Scottish version: “The father buys, the son builds, the grandchild sells, and his son begs.”


 

Posted by The Barrister in Quotidian Quotable Quote (QQQ) at 11:40 | Comments (3) | Trackbacks (0)

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My grandmother gave me a book many years ago that had a magazine article tucked inside the cover that delved into the phenomena of why so many fortunes were lost by the 3rd generation after the person who made the original fortune. She liked to point out how many of the familes in our town were 3 or 4 generations removed from families that had moved into our area in the mid 1800's, worked very hard to build a successful farm or business and 100 years later the descendants often had nothing to show for it.
#1 dirk on 2011-11-15 13:37 (Reply)
A boss I had thought the inheritance tax should be 100% for this reason - it kept the next generation on their toes. I didn't - and still don't - agree, but I understand where he's coming from.
#2 mudbug on 2011-11-15 16:37 (Reply)
I understand a tiny bit, but why should I benefit from an entrepreneur's hard work more than his children do?
#2.1 class factotum (Link) on 2011-11-16 09:51 (Reply)

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