Behavioral economists at UC San Diego recently conducted a study in which tokens were distributed among experimental subjects, with a few getting a concentrated chunk of the wealth and a majority getting little. They offered the “poor” subjects the opportunity to pay a price to take money away from the rich. The catch was that rather than being redistributed, the money would simply disappear. Economic orthodoxy predicts that few would snap at the chance, since they’d be paying for something that would confer no direct benefit. But they did. In spades.
Though only one data point, it suggests that people have a profound sense of economic fairness, that we are all, more or less, intuitive socialists. As far back as Edmund Burke, conservatives have suspected as much and feared democracy for that very reason. Read James Madison in the Federalist Papers and it’s clear that many of the Constitution’s undemocratic elements were designed to prevent the expropriation of wealth from an outnumbered elite.
Saturday, May 26, 2007
Who's Afraid of Democracy?
From In These Times: