"Economic research on the efficient allocation of resources has a long history. Increasingly, attention has turned to inequality in the distribution of personal resources and outcomes, and whether individuals or children are locked in their respective places in this distribution or whether...

Much discussion treats the working definitions of wealth and income as if they were self-evident, but definitional choices can make substantial differences in the overall picture. To provide a clear basis on which to examine family wealth and income their interrelationship, this paper begins...