with disdain for work. We propose an economic theory of preference formation where both the divergence of attitudes across … social classes and the ensuing reversal of economic fortunes are equilibrium outcomes. In our theory, parents shape their …, which are rooted in the nature of pre-industrial professions, become key determinants of success once industrialization …

theory predicts. Empirical evidencesuggests that social and political instability is a major reason for thedivergence between …