Russell Sage Foundation: The 1% are Different

May 30th, 2014
in econ_news, syndication

Not Only Do The 1% Have More Money, They Think Differently Too

Econintersect:  The  Russell Sage Foundation (RSF) sponsored a survey of wealthy Americans which was conducted by three political science and social science professors, two from Northwestern University and one from Vanderbilt University, in the first half of 2011.  After the results were published in March 2013, RSF compared the opinions of the 1% to those of the general population using combined results from polls by organizations such as the Pew Foundation and Gallup.  The comparisons of opinions between the 1% sample and the total population produced dramatic differences.

polling-opinions-380x160

Follow up:

The poll of the wealthy came from a very limited sample:  there were 83 people interviewed,  all from the Chicago area.  The paper states that the average income for all respondents was just over $1 million while "[a]bout one third of them (32.4 percent) reported incomes of $1,000,000 or more".  However the wealth distribution table shows the lowest wealth group possibly included persons with zero wealth.  Econintersect assumes that there were no individuals in the wealthy sample who were destitute.

wealthy-poll-RSY-2013-mar

The authors address the issue of the lack of geographic diversity in there sampling:

sample-text-rsf-2013-mar

Of course, this restrictive sampling does raise question about just how representative the sample is of the entire country.  The authors do not give any uncertainty band estimates; Econintersect thinks trying to do so in any meaningful way would be problematic.

Click on the page below to read the paper published in Perspectives and Politics:

Wealthy-Americans-RSF-poll-2013-mar

The results for the survey of the wealthy was compared to the averages for a number of national polls of the entire population.  In many cases the results indicate that if the 1% say "up" the total population says "down".  Following are some of the tables from report (by Derek Pugh) comparing the 1% survey to the average responses for the entire population.

RSF-job-income-programsRSF-other

Click on the page below to read the Derek Pugh report:

Wealthy-Americans-vs-total-pop-RSF-poll-2014-jun

John Lounsbury

Sources:









Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.















 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved