THE MODERN THEORY of the firm is the theory of the public company: obsessed with questions such as transaction costs but blind to questions of transmitting wealth to future generations.
Savers' sole legitimate goal is to transmit their current wealth into the future with the minimum loss possible.
This reduction in the effort put in production activities typically results in a reduction in the amount of wealth transmitted to the next generation.
They transmit their influence and wealth through heritage.
In the case of cultural or epigenetic inheritance, the manner in which "wealth" is transmitted to offspring as a function of gender (and perhaps birth order) needs to be specified, as well as the effects of assortive mating, which is the rule in human populations in relation to culture and material wealth.
Importantly, in most societies, these inheritance rules are mainly relevant to higher status families – where there is wealth to be transmitted [14].
After all, modest, steady CPI inflation reduces the chance of corporate failure, thus helping establishment wealth hold its place and transmit hereditary and fraternal advantage across generations.
THE new season's crop of television shows is transmitting an oddly puritanical message: the pursuit of wealth breeds immorality -- or, at the very least, extreme vulgarity.
The hypothesis we propose is that a financial crisis that originates in consumer debt, especially consumer debt concentrated at the low end of the wealth and income distribution, can be transmitted quickly and forcefully into the financial system.
If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.
