The Carnegie Conjecture: Some Empirical Evidence

The Carnegie Conjecture: Some Empirical Evidence. Holtz-Eakin, D., Joulfaian, D., & Rosen, H. S. The Quarterly Journal of Economics, 108(2):413–435, 1993.

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This paper examines tax-return-generated data on the labor force behavior of people before and after they receive inheritances. The results are consistent with Andrew Carnegie's century-old assertion that large inheritances decrease a person's labor force participation. For example, a single person who receives an inheritance of about $150,000 is roughly four times more likely to leave the labor force than a person with an inheritance below $25,000. Additional, albeit weaker, evidence suggest that large inheritances depress labor supply, even when participation is unaltered.

@article{Holtz-Eakinetal1993,
  title = {The Carnegie Conjecture: Some Empirical Evidence},
  author = {{Holtz-Eakin}, D. and Joulfaian, D. and Rosen, H. S.},
  year = {1993},
  journal = {The Quarterly Journal of Economics},
  volume = {108},
  number = {2},
  pages = {413--435},
  doi = {10.2307/2118337},
  url = {https://doi.org/10.2307/2118337},
  abstract = {This paper examines tax-return-generated data on the labor force behavior of people before and after they receive inheritances. The results are consistent with Andrew Carnegie's century-old assertion that large inheritances decrease a person's labor force participation. For example, a single person who receives an inheritance of about \$150,000 is roughly four times more likely to leave the labor force than a person with an inheritance below \$25,000. Additional, albeit weaker, evidence suggest that large inheritances depress labor supply, even when participation is unaltered.},
  keywords = {Intergenerational Wealth}
}

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