ABSTRACT
Mobility in any social hierarchy is an indication of opportunity. It is therefore a measure of fairness in any economic system. In a real sense, mobility should be of greater concern to policymakers and analysts than such other impmtant concerns as inequality. It may be understandable and socially tolerable for the young, say, to have less assets or income, but the likelihood and the opportunity to move up and earn in relation to effort is surely a decidedly desirable social goal. What matters in this context is "lifetime equity" rather than instantaneous equality.
