Dynamic Incentives, Occupational Mobility, and the American Dream

Maitreesh Ghatak, Massimo Morelli () and Tomas Sjostrom

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: The idea of the American Dream is closely associated with a dynamic market economy, where equality of opportunity coexists with inequality of outcomes, and where current hard work is motivated by expected rewards,from future market opportunities. An important aspect of it is economic,and occupational mobility. From the software industry in Silicon Valley, to small businesses set up.by immigrants in modern day America, to agriculture and crafts going back in history, we see individuals driven by the belief that they can become rich through hard,work, thrift a,nd enterprise irrespective ,of their initial conditions.

Date: 1998-10-01
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