>relatively low 0.2 percent elasticity of income in the Nordic countries and a relatively high 0.5 percent elasticity of income in places like the UK, the US, and Italy. An elasticity of 1 would mean that income status is perfectly inherited between father and son, whereas an elasticity of 0 would mean no inheritance.

I assume the author means 20% and 50%, respectively? If "1 percent" is all of it and "0 percent" is none of it then I assume he confused percentages with probabilities.