Aristocracy is government of a State run by its elite citizens. Government of a State by those who are most distinguished by birth and wealth; oligarchy; a State so governed. A ruling body of nobles, an oligarchy. Origins of the word aristocracy imply the meaning of "rule by the best."
Aristocracy is the class to
which such rulers belong, the nobility; the patrician or privileged class, regardless of
the form of government.
Patience Capital and the Demise of the Aristocracy - We model the decision problem of a parent who chooses an occupation and invests in the patience of her children. The two choices complement each other: patient individuals choose occupations with a steep income profile; a steep income profile, in turn, leads to a strong incentive to invest in patience.
In equilibrium, society becomes stratified along occupational lines. The theory can account for the demise of the British land-owning aristocracy in the nineteenth century, when rich landowners proved unable to profit from new opportunities arising with industrialization, and were thus surpassed by industrialists rising from the middle classes. - MATTHIAS DOEPKE, Univ of California, FABRIZIO ZILIBOTTI, Stockholm Univ - Abstract.
The industrial revolution,
political economy and the British aristocracy: the second Viscount Dudley and Ward as an
eighteenth-century canal promoter - David Brown - Journal: The Journal of Transport
History - Vol 27 Issue 1, March 2006
THE SWEDISH ARISTOCRACY AND THE
FRENCH ENLIGHTENMENT CIRCA 17401780 - Wolff, Charlotta