Chetty’s team also found that children who moved to a high-innovation area when they were young are much likelier to patent inventions of their own when they matured. The effect was specific to the specialty of the place: “Children who grow up in a neighborhood or family with a high innovation rate in a specific technology class are more likely to patent in exactly the same class,” they write.26 But that depends on their parents being able to move to high-innovation areas. In the past, higher incomes would attract them. In the present, sky-high cost of living repels them.
Wealth doesnt play a role?
