![]() What they found not only provides insight into the economic differences between racial groups, it challenges common assumptions about luxury. The two economists, along with Nikolai Roussanov of the University of Pennsylvania, have now attacked those questions. The statistic fit a stereotype reinforced by countless bling-filled hip-hop videos: that African Americans spend a lot on cars, clothes, and jewelry-highly visible goods that tell the world the owner has money. African Americans not only had less wealth than whites with similar incomes, they also had significantly more of their assets tied up in cars.
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