More generally, for most anything which correlates with higher status, we systematically tend to overestimate the degree to which people are pursuing it for the sake of status alone. Making more money boosts both absolute welfare and relative status, but we are more likely to notice the people who hold their wealth over us, not the ones who blend in quietly. On average, the rich are probably less obsessed with their riches than we imagine.Or, perhaps, the rich are more obsessed with obtaining and enjoying their riches and less obsessed with being among the rich than we imagine.
Monday, July 18, 2011
For status or for wealth
Xan has an interesting post on this question. Here is his conclusion: