Correct: Europe has a far more entrenched elite / patrician class than the United States with far less opportunities for someone to "break out" by creating a company. Yet we continually hear about how terrible the US's economic & social policies are... to this observer, it makes no sense.
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That's cute compared to Europe where for example in Austria, the top 50 wealthiest families own a third of the country's wealth.
Correct: Europe has a far more entrenched elite / patrician class than the United States with far less opportunities for someone to "break out" by creating a company. Yet we continually hear about how terrible the US's economic & social policies are... to this observer, it makes no sense.
Socioeconomic mobility is low in the US. This has been litigated and resolved in research ad nauseam.
Survivorship bias, on the other hand…
Compared to where?
Other developed countries (or ourselves, in the past).