Notes of Note from John F. Ince

Americans vastly underestimate the degree of wealth inequality in America, and we believe that the distribution should be far more equitable than it actually is, according to a new study.Or, as the studys authors put it: “All demographic groups — even those not usually associated with wealth redistribution such as Republicans and the wealthy — desired a more equal distribution of wealth than the status quo.”The report pdf “Building a Better America — One Wealth Quintile At A Time” by Dan Ariely of Duke University and Michael I. Norton of Harvard Business School hat tip to Paul Kedrosky, shows that across ideological, economic and gender groups, Americans thought the richest 20 percent of our society controlled about 59 percent of the wealth, while the real number was closer to 84 percent.More interesting than that, the report says, is that the respondents a randomly selected 5,522-person sample, reflecting the countrys ideological, economic and gender demographics, surveyed in December 2005 believed the top 20 percent should own only 32 percent of the wealth. Respondents with incomes over $100,000 per year had similar answers to those making less then $50,000.

via Americans Vastly Underestimate Wealth Inequality, Support More Equal Distribution Of Wealth: Study.

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Comments on: "Americans Vastly Underestimate Wealth Inequality, Support More Equal Distribution Of Wealth: Study" (2)

  1. Yes, this was a fascinating study, wasn’t it? I was surprised mainly by the level of the overwhelming support for a more equitable distribution of wealth. I also blogged about this study, if you’re interested. I’d love to hear your comments.
    I’m sorry, but we’re not in agreement. A progressive tax code is no more anti-capitalist than democracy itself (which is to say, not at all). Check with Adam Smith, among others.

    I won’t fill up your comment section with a long explanation, but you can find one here:

    http://paxrhetorica.blogspot.com/2010/09/americans-want-to-be-more-like-sweden.html?spref=tw

  2. Ha! Sorry about the schizophrenic comment! I was tryint to paste in the address of my blog, and I accidentally pasted in part of a comment I left on a very different blog. Pardon! 😉

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