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Comment by Tehdasi | Hacker News Reader

"The net worth of that group ranges from about $1.2 million to $20 million per household, Stewarts says."

In Australia apparently all you have to do to get into this group would be to actually own a paid off house. :/ I think this says far more about housing then wealth inequality though.

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In America, paid off or not, the location of your house pretty much guarantees a lower bound on your kid's future in the richer neighborhoods and unfortunately an upper bound in many poorer ones.

Decades of twin studies have consistently shown that family environment (which by definition includes the zip code you’re raised in) has nearly zero causal impact on adult outcomes in America.

Yes, it’s true that kids from well to do areas grow up to become well to do. But twin studies tell us the mechanism of heritability is entirely genetic.

location => zip code. Twin studies are not what you look at to prove (or disprove) this hypothesis. You have a much richer data set. All the kids that grew up in a zip code. A lot of twin studies have no control groups! With a richer data set, you can more easily look at the zip code someone grew up in and look at where they end up in life. You don't have to track them. Also, the reason why I insist on focusing on zip code is that peer groups matter much more than family environment.

Below, I've linked some of the articles I have read on this in the past.

Here is a book pointing out various issues with twin studies: https://dl.uswr.ac.ir/bitstream/Hannan/139363/1/978113881306...

https://www.brookings.edu/opinions/americas-zip-code-inequal...

"Today, the state of the American Dream—the ability of anyone to work hard and get ahead—largely depends on one’s zip code." https://talkpoverty.org/2015/12/17/american-dream-zip-codes-...

https://www.forbes.com/sites/michaeltnietzel/2020/01/02/solv...

A refreshing comment as the role of genes are so little talked about, yet I strongly believe it is one of the strongest influences in outcomes. I believe success is born.

I'm born into the lower working class, Western Europe. And so is my brother. From an early age it was clear that my brother has limited intellectual interests or ability, nor is he creative. He simply isn't a learner, not a man for the books. He's a most excellent blue collar worker and that is the outcome. He's doing fine and is happy.

Me, I seem to be born to live in my head. An almost exact opposite. It was absolutely inevitable for me to end up in a creative or intellectual field. Which tend to have better compensation.

I could brag about how very hard I had to work to actually arrive at that place, coming from rock bottom. But these self congratulations would be misplaced. Anybody can work hard and my brother also works hard, if not harder. What decided between these vastly different outcomes is the brains we were born with, as everything else is equal. Perhaps even a good work ethic is in part genetic, I'm unsure.

There is a huge catch to this story. I was fortunate to live in a time and place where education was open and accessible. My parents' economic status didn't matter, I was in the same schools as people far richer. Society allowed me to compete and thrive from an equal and fair starting point, and then let genes (and some merit) play out. Which not only enables a great outcome for me, also for society.

I believe this equal access is absolutely critical. In fact, access to education has such a dramatic positive return that I believe education should be free. Insane! Who will pay for that?

The future will pay for it, in multiples.

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