Author: Branko Milanovic

Rich Like Me: How Assortative Mating Is Driving Income Inequality

It may be useful to open this topic with an anecdote. Some ten years ago, I found myself in an after-dinner conversation, lubricated by wine, with an American who had been educated at an Ivy League college and was then teaching in Europe. As our conversation drifted toward matters of life, marriage and children, I was initially surprised by his statement that whoever he had married, the outcome in terms of where they lived, what type of house they owned, what kind of holidays and entertainment they would enjoy, and even what colleges their children would attend would be practically the same. His reasoning was as follows: “When I went to [Ivy League institution], I knew that I would marry a woman I met there. Women also knew the same thing. We all knew that our pool of desirable marriage candidates would never be as vast again. And then whomever I married would be a specimen of the same genre: They were all well-educated, smart women who came from the same social class, read the …