The Volokh Conspiracy - Who Values Money?

Some interesting findings in the association between ideology and things that make people happy, from Peter Schweitzer on his new book Makers and Takers:

Most surprising of all is reputable research showing those on the Left are more interested in money than Right-wingers.

Both the World Values Survey and the General Social Survey reveal Left-wingers are more likely to rate 'high income' as an important factor in choosing a job, more likely to say 'after good health, money is the most important thing', and agree with the statement 'there are no right or wrong ways to make money'.

You don't need to explain that to Doug Urbanski, the former business manager for Left-wing firebrand and documentary-maker Michael Moore. 'He [Moore] is more money-obsessed than anyone I have known - and that's saying a lot,' claims Urbanski.

How is it possible that those who seem to renounce the money culture are more interested in money?

One might suggest those on the Left are simply being more honest when they answer such questions. The problem is that there is no evidence to support this.

Instead, I believe the results have more to do with the powerful appeal of progressive thinking.

Many on the Left apparently believe that espousing liberal ideals is a 'get out of jail free' card that inoculates them from the evils of the money culture.

Cherie Blair, for example, never lets her self-proclaimed socialist attitudes stop her making money. She is even willing to be paid (as she was in Australia) to appear at charity events.

Such progressives, sure that they are not overly interested in money and possessions, believe they are then free to acquire them.

The article also notes some research by co-conspirator Jim Lindgren.

Via Powerline, which also has audio of a recent Schweitzer radio segment.

This story happened to catch my eye because one of the prevailing hypotheses about the demographic imbalance between "liberal" and "conservative" professors in the academy is that conservatives are "greedier," or place a higher value on money than do liberals, who are said to place a higher value on non-material goals. It is argued that this may explain why "conservatives" self-select out of academia. That hypothesis has never seemed exceedingly plausible to me and while this research doesn't answer the question directly, it sheds some light on the motivations of liberals and conservatives.

It also goes without saying that one can accept Schweizer's statistical findings without necessarily accepting his explanation as to what might explain it. Indeed, I don't find his hypothesis that this is a "get out of jail card" to be particularly plausible in many situations.

Without belaboring the point, my instinct is that attitudes with respect to the relationship between money and happiness are endogenous to broader worldviews about the existence of transcendent moral order and inherent notions of "the good" versus more relativist and materialist worldviews. Let me emphasize that I'm not suggesting one or the other view is right or wrong, I'm just observing that from a broader perspective I'm not as surprised by this finding as Schweizer, especially when read in the context of Schweizer's larger observations (which I think are actually not inconsistent with my intutions).

	[Todd Zywicki, June 18, 2008 at 12:23pm] Trackbacks Who Values Money? Some interesting findings in the association between ideology and things that make people happy, from Peter Schweitzer on his new book Makers and Takers: Most surprising of all is reputable research showing those on the Left are more interested in money than Right-wingers. Both the World Values Survey and the General Social Survey reveal Left-wingers are more likely to rate 'high income' as an important factor in choosing a job, more likely to say 'after good health, money is the most important thing', and agree with the statement 'there are no right or wrong ways to make money'. You don't need to explain that to Doug Urbanski, the former business manager for Left-wing firebrand and documentary-maker Michael Moore. 'He [Moore] is more money-obsessed than anyone I have known - and that's saying a lot,' claims Urbanski. How is it possible that those who seem to renounce the money culture are more interested in money? One might suggest those on the Left are simply being more honest when they answer such questions. The problem is that there is no evidence to support this. Instead, I believe the results have more to do with the powerful appeal of progressive thinking. Many on the Left apparently believe that espousing liberal ideals is a 'get out of jail free' card that inoculates them from the evils of the money culture. Cherie Blair, for example, never lets her self-proclaimed socialist attitudes stop her making money. She is even willing to be paid (as she was in Australia) to appear at charity events. Such progressives, sure that they are not overly interested in money and possessions, believe they are then free to acquire them. The article also notes some research by co-conspirator Jim Lindgren. Via Powerline, which also has audio of a recent Schweitzer radio segment. This story happened to catch my eye because one of the prevailing hypotheses about the demographic imbalance between "liberal" and "conservative" professors in the academy is that conservatives are "greedier," or place a higher value on money than do liberals, who are said to place a higher value on non-material goals. It is argued that this may explain why "conservatives" self-select out of academia. That hypothesis has never seemed exceedingly plausible to me and while this research doesn't answer the question directly, it sheds some light on the motivations of liberals and conservatives. It also goes without saying that one can accept Schweizer's statistical findings without necessarily accepting his explanation as to what might explain it. Indeed, I don't find his hypothesis that this is a "get out of jail card" to be particularly plausible in many situations. Without belaboring the point, my instinct is that attitudes with respect to the relationship between money and happiness are endogenous to broader worldviews about the existence of transcendent moral order and inherent notions of "the good" versus more relativist and materialist worldviews. Let me emphasize that I'm not suggesting one or the other view is right or wrong, I'm just observing that from a broader perspective I'm not as surprised by this finding as Schweizer, especially when read in the context of Schweizer's larger observations (which I think are actually not inconsistent with my intutions).