this post was submitted on 30 Jun 2023
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"Our research does not reject the notion that individual behavior and decision-making may directly relate to upward economic mobility. Instead, we narrowly conclude that biased decision-making does not alone explain a significant proportion of population-level economic inequality"
Everyone needs to be careful of conflating studies that look at populations with advice for individuals. Good decisions can still improve the financial situation of individuals, but on a population scale that's not enough to sort everyone's wealth by how good their decisions were.