Paragraph to Ponder

From Tyler Cowen, “The Marriages of Power Couples Reinforce Income Inequality“:

Universal preschool, further experiments with charter schools, and higher subsidies or tax credits for children are among the policy innovations that might lift opportunities for children of lower earners. Even if those are good ideas, it is not clear how much they can overturn the advantage that comes from being a child of highly educated, highly motivated parents with lots of will and also money to spend on lessons, outings, travel and other investments in the future of their children.

The technical term is “assortative mating”. Read the New York Times marriage announcements for examples. In hindsight, I probably should have “married up”. My wife’s beauty blinded me to the fact that she rarely balanced her checkbook; planned to be a public school teacher; and owed more on her old, beat up Honda than it was worth. It’s a limit of the discipline that few economic models factor in “hotness”.

I suspect Cowen’s extrapolating from the present data too much. Sure assortative mating will continue contributing some to income inequality, but as I’ve written before here, academic achievement among female college students so dwarfs that of males that many female college grads will have no choice but to settle for partners with much more modest economic prospects.

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