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Aggregate consumption must be the same in the no-tax and the tax economy, because agents are given the same endowments, and pre-tax payoffs are the same.
If low educated employees had the same endowments, that is if they had the same composition of background conditions (gender, age, type of jobs, etc).
However, these large losses follow more than a decade during which many of the same endowments enjoyed compound annual gains of 15% to 18%–even, in recent years, gains of more than 25% annually.
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And let's suppose they have the same endowment.
A reasonable goal would be to allow the ESM to issue approximately 3 trillion medium-term "eurobonds" on the markets, starting with the same endowment capital – in other words, the kind of sum that can take on the current and potential challenges generated by the debt crisis.
The size of the endowment losses in elite universities this year, both in percentage and dollar terms, has created some astonishment and shock that, in light of the gains these same endowments enjoyed over the past decade, is itself rather astonishing.
And the Republican Congress is about to become a willing abettor of this institutional favoritism for the wealthy unless it uses its plan to tax endowments to promote a more fair system for assessing applications based on true merit, not on enhancing the value of those very same endowments.
In the private sector, at the same time endowments have declined students need more help than ever".
If any two people in society have the same native talent endowment and the same ambition, they have the same prospects for competitive success, and their family of origin incomes will also be the same.
Another possible mechanism is that ambition formation tracks family of origin income position (via some process that does not itself violate FEO), so that no persons with the same native talent endowment and different family of origin incomes have the same ambition, so their having different prospects of competitive success does not violate FEO.
The authors argue that twins have the same genetic endowment and (usually) the same upbringing.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com