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Feb 1, 2022 · Socioeconomic status. How people make sense of wealth and poverty is affected by their own economic status. People with more years of formal education (a metric of socioeconomic status) often make more external attributions of economic outcomes, believing that a person's wealth is more determined by ‘ money inherited from family members ...
- How Do People Make Sense of Wealth and Poverty
In a perfectly meritocratic world, people's outcomes would...
- The Impact of Perceived Material Wealth and Perceiver Personality on First Impressions
The purpose of the present study is to extend work of...
- Why Do Americans Believe in Economic Mobility? Economic Inequality, External Attributions of Wealth and Poverty, and The Belief in Economic Mobility
As economic inequality rises, people increasingly attribute...
- Affluence Cues and First Impressions
The two-way interaction on the desire to have the lifestyle...
- Wealthy Whites and Poor Blacks
Overall, we found a small yet significant correlation...
- The Subversive Nature of Inequality
1. Introduction. Many OECD countries have seen significant...
- Volume 43
Read the latest articles of Current Opinion in Psychology at...
- How Do People Make Sense of Wealth and Poverty
Oct 5, 2016 · Two psychologists explain why. For many, wealth may seem like an unmitigated good – the more of it you have, the better. After all, wealth brings all sorts of advantages, like improved health, greater freedom and control over your life, nicer things, respect from your friends and peers. Yet new research suggests that wealth may also come with ...
- More money, less empathy? Several studies have shown that wealth may be at odds with empathy and compassion. Research published in the journal Psychological Science found that people of lower economic status were better at reading others’ facial expressions—an important marker of empathy—than wealthier people.
- Wealth can cloud moral judgment. It is no surprise in this post-2008 world to learn that wealth may cause a sense of moral entitlement. A UC Berkeley study found that in San Francisco—where the law requires that cars stop at crosswalks for pedestrians to pass—drivers of luxury cars were four times less likely than those in less expensive vehicles to stop and allow pedestrians the right of way.
- Wealth has been linked with addiction. While money itself doesn’t cause addiction or substance abuse, wealth has been linked with a higher susceptibility to addiction problems.
- Money itself can become addictive. The pursuit of wealth itself can also become a compulsive behavior. As psychologist Dr. Tian Dayton explained, a compulsive need to acquire money is often considered part of a class of behaviors known as process addictions, or “behavioral addictions,” which are distinct from substance abuse.
To increase incomes to more than a dollar a day is interpreted as an end to poverty. This equating of money with wealth and wealth with wellbeing is misplaced on multiple counts. Money does not reflect nature’s wealth or people’s wealth, and it definitely fails to. measure the wellbeing of society. Both ecology and economics have emerged ...
Jun 1, 2022 · The people in this society, through the pursuit of their self-interest, will specialize, work hard, save, and trade to enrich themselves, and as a byproduct, their country. The famous “invisible hand” refers to this system of people all acting in their self-interest, resulting in markets that supply all of society’s needs – somewhat ...
Jul 3, 2023 · Wealthy individuals have greater access to other external sources of happiness. The results of this first US-focused study revealed that the correlation between meaning and happiness decreased as income increased. In other words, meaning has more impact on happiness for those on low incomes than it does for high earners.
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May 26, 2020 · Editor’s Note: This is an edited excerpt from a longer essay by Mr. Lazear, published by the Hoover Institution as part of a new initiative, "Socialism and Free-Market Capitalism: The Human Prosperity Project." Introduction. Income is certainly among the most important metrics of societal success, but average income may mask much of what is ...
