Rent-Seekers, Profits, Wages and Inequality by Péter Mihályi & Iván Szelényi

Author:Péter Mihályi & Iván Szelényi
Language: eng
Format: epub
ISBN: 9783030038465
Publisher: Springer International Publishing

inheritance of wealth , and

assortative mating.

1 Elite Education

a.In order to get admission to elite schools, like Ivy League Colleges it is a substantial advantage if one’s parents are graduates from those colleges. This is called “legacy admission”, where students get extra points for admission if parents are graduates from the college. George W. Bush was admitted to Yale not so much based on his high-school records or SAT, but because his father already graduated from Yale (and the younger Bush did not do all that well at Yale earning mainly B’s and C’s).2 Elite universities usually do not release data on legacy admissions, but it is estimated that they may add up to the third of incoming classes. This effect is reinforced by the fact that students from expensive private high schools tend to do better in SAT exams. In such private high schools (where just the tuition may add up to $200,000, teachers are better paid, are of higher quality, fellow students are very competitive and teaching focuses on producing high GRE scores for their graduates.3

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