has called it the “defining challenge
of our time” and the number of books being published on the subject could fill
a small library. Of particular note is a survey by Michael Norton and Dan
Ariely of 5,000 Americans asking what they thought wealth inequality should be
compared to what it actually is. Norton and Ariely asked which of two
distributions the survey participants preferred, either that of the United States
or Sweden (without knowing what those distributions represented). Here’s what
they were given:.......
Needless to say, 92 percent chose Sweden. This survey has
become all the buzz on the progressive left and a Youtube video about the study has gone viral with over
14 million views. Not surprisingly, however, there are enormous problems with
this analysis. First and foremost, Norton and Ariely used Sweden’s income
distribution instead of wealth because “... it provided a clearer contrast.”
I’m sure the left’s love affair with Sweden and an attempt to stack the deck
had nothing to do with it. The top 20 percent in Sweden actually own 73 percent of the
wealth (in the United States it’s 85 percent).....To Read More.....
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