… Recently, studies by two independent research teams (each led by an author of this article) found that Americans across the economic spectrum did indeed severely misjudge the amount of upward mobility in society. The data also confirmed the psychological utility of this mistake: Overestimating upward mobility was self-serving for rich and poor people alike. For those who saw themselves as rich and successful, it helped justify their wealth. For the poor, it provided hope for a brighter economic future. CONT.
Michael W. Kraus (U. of Illinois), Shai Davidai (Cornell) & A. David Nussbaum (Chicago), New York Times