Scan the headlines, and you might think that Western economies are on the verge of an “inheritance explosion.” Popular narratives warn of a looming “great wealth transfer” as baby boomers pass down trillions, and some commentators ＿＿（21）＿＿ about a new era of “inheritocracy” in which an idle rich class dominates by virtue of birthright. The storyline is alarming: booming bequests funnel ever more unearned riches to heirs, widening inequality and sapping economic dynamism. This notion fits a broader anxiety of our age, that capitalism is hardening into a hereditary hierarchy, undermining the meritocratic ideal. Yes, inheritance values are rising across the Western world. But this does not pose an existential threat to the economy, nor is it necessarily a drag on growth. ＿＿（22）＿＿ being a feudal relic that cements a permanent aristocracy, inherited wealth has changed in character and scale over time. Its relationship with growth and inequality is more complex than many assume. For most people, inherited family wealth consists of a parent’s home or long-term savings. Occasionally, it is a family enterprise, and when such firms survive not just a few years but several decades, they reflect a form of entrepreneurship that thinks in generations rather than quarters. Recent research on inequality also suggests that inheritance can, in fact, reduce wealth gaps, as bequests tend to matter far more for less wealthy heirs. Taxing inheritances may seem like a neat solution to ＿＿（23）＿＿ inequality, but in practice, inheritance taxes have often proven inefficient and inequitable. As a result, many countries that once relied on them have quietly abandoned these taxes ＿＿（24）＿＿ more effective capital income taxes targeting profits, dividends, and realized gains, rather than wealth, stocks, and bequests. ＿＿（25）＿＿ inheritance is not without challenges, it often fosters long-term investment and continuity, and attempts to heavily tax or curtail it have frequently backfired. Perhaps instead of fixating on what is passed down, we should focus on expanding who gets to build and eventually inherit wealth through policies that spur growth, entrepreneurship, and broad-based opportunity.