Skip to content

Alarming Statistic of the Day

September 27, 2010

Via Chait, James Fallows describes the findings of a forthcoming paper by Michael Norton of Harvard Business School and Daniel Ariely of Duke:

…the top 20% of the US wealth distribution actually controls nearly 85% of total wealth; people think the top 20% controls under 60%; and they think it should control just over 30%. Similarly: people feel that the bottom 20% of the economic pyramid “should” have about 10% of the total pie; they think it actually has about 3% or 4%; in fact, its share appears to be too small to show up on the chart.

They say that admitting you have a problem is the first step to recovery. So here goes: My name is Innocent Smith and I live in an oligarchy.

Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: