Uploaded August 2023 | Updated September 2026, 3 weeks ago
In this fourth episode of #EconomicsOfChildhood, Professor Durlauf talks about the importance of family dynamics when it comes to mobility, and how one's parents impact their own lifetime income.
Starting with the famous Heckman Curve, he shows the transition of thought when it comes to how economists think about the influence of parent's income on a child’s lifetime income. For this reason, he then discusses how family mechanisms impact a child's cognitive and non-cognitive skills, which is another key predictor for a person’s future income earnings. Finally, Durlauf addresses a deeply moral and ethical question that economists usually assume away, the concept of genetics. While everyone has their own, unique genetic background, any analysis that claims any group differences are explained by genetic differences with respect to income and wealth is both intellectually, and morally unserious.
The four final takeaways for you to think about when it comes to the influence of parents' income on a child’s lifetime income are: 1) Parental incomes matter; 2) Parental wealth matters; 3) Genetic components matter less; 4) Race is a determinant intergenerational status.
Learn more at economicsofchildhood.org
Produced by Matthew Kulvicki, Nick Alpha & Kurt Semm
In this fourth episode of #EconomicsOfChildhood, Professor Durlauf talks about the importance of family dynamics when it comes to mobility, and how one's parents impact their own lifetime income.
Starting with the famous Heckman Curve, he shows the transition of thought when it comes to how economists think about the influence of parent's income on a child’s lifetime income. For this reason, he then discusses how family mechanisms impact a child's cognitive and non-cognitive skills, which is another key predictor for a person’s future income earnings. Finally, Durlauf addresses a deeply moral and ethical question that economists usually assume away, the concept of genetics. While everyone has their own, unique genetic background, any analysis that claims any group differences are explained by genetic differences with respect to income and wealth is both intellectually, and morally unserious.
The four final takeaways for you to think about when it comes to the influence of parents' income on a child’s lifetime income are: 1) Parental incomes matter; 2) Parental wealth matters; 3) Genetic components matter less; 4) Race is a determinant intergenerational status.
Learn more at economicsofchildhood.org
Produced by Matthew Kulvicki, Nick Alpha & Kurt Semm
