Rich Liberal Elites Don’t Like Wealth Distribution—and Yale Law Students Love Efficiency

Ray Fisman and Daniel Markovits in Slate:

The conventional view of America as a classless society has long sided with Hemingway—the only difference is the money. But our results suggest that, at least when it comes to attitudes toward inequality, Fitzgerald is right: Elite Americans are not just middle-class people with more money. They display distinctive attitudes on basic moral and political questions concerning economic justice. Simply put, the rich place a much lower value on equality than the rest. What’s more, this lack of concern about inequality among the elite is not a partisan matter. Even when they self-identify as progressive Democrats, elite Americans value equality less highly than their middle-class compatriots. his finding has profound implications for public policy. Contemporary American politics presents an enduring mystery. Why does the public policy response to nearly five decades of rising economic inequality remain so tepid, even as large majorities of Americans consider inequality excessive, and even under a two-term Democratic president? Our study, published Tursday in the journal Science, co-authored with colleagues Pamela Jakiela and Shachar Kariv, proposes an answer: Regardless of party, the elite donors whose money dominates politics, and the elite officeholders whose decisions set policy, don’t value economic equality. When the American government abjures egalitarian policies, it is implementing the bipartisan preferences of the American elite…

What’s more, elite Americans show a far greater commitment to efficiency over equality than ordinary Americans. And this time, the bias toward efficiency increases with each increment of eliteness. The ALP subjects split roughly evenly between focusing on efficiency and focusing on equality; the Berkeley students favored efficiency over equality by a factor of roughly 3-to-2; and the Yale Law students favored efficiency by a factor of 4-to-1.

Yale Law students’ overwhelming, indeed almost eccentric, commitment to efficiency over equality is all the more astonishing given that the students self-identified as Democrats rather than Republicans—and thus sided with the party that claims to represent economic equality in partisan politics—by a factor of more than 10-to-1. An elite constituted by highly partisan Democrats thus showed an immensely greater commitment to efficiency over equality than the bipartisan population at large.

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