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A simple two-period, path-dependent model of cumulative advantage. According to this model, financial well-being in period 2 (Y) is dependent on work and family circumstances in period 2 (A’) and work and family circumstances in period 1 (A). The arrows emanating from A indicate that prior work and family experiences have both direct (A Y) and indirect (A → A’ → Y) effects on individuals’ subsequent outcomes.
