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The conspiratorial style in lay economic thinking.
David Leiser1, Nofar Duani2, Pascal Wagner-Egger3
1Department of Psychology, Ben Gurion University, Beer Sheva, Israel.
Plos One
|March 4, 2017
Summary
Most people distrust the neoliberal economic system (Econ101), favoring explanations involving government errors or market failures. Economic conspiracy beliefs are linked to paranormal and other conspiratorial thinking.
Area of Science:
- Social Psychology
- Behavioral Economics
- Public Opinion Research
Background:
- Lay perceptions of economic systems are complex and varied.
- Understanding economic beliefs is crucial for policy and public trust.
- Conspiratorial thinking can extend to economic phenomena.
Purpose of the Study:
- To investigate lay perceptions of economic systems.
- To examine the prevalence and nature of economic conspiratorial thinking.
- To identify factors associated with different economic belief systems.
Main Methods:
- Developed four distinct economic accounts: Econ101 (neoliberal), Conspiracy, Government Malfunction, and Bad Invisible Hand.
- Surveyed respondents in the US, Israel, and Switzerland.
- Analyzed inter-correlations between economic accounts and psycho-social variables.
Main Results:
- Government Malfunction and Bad Invisible Hand views were most endorsed.
- A clear dichotomy emerged: trust in neoliberalism (Econ101) versus opposition.
- Economic conspiratorial thinking uniquely correlated with paranormal and other conspiratorial beliefs.
Conclusions:
- A significant portion of the public opposes neoliberal economic views.
- Economic conspiratorial thinking is distinct and linked to broader conspiratorial and paranormal worldviews.
- Findings highlight the psychological underpinnings of economic belief systems.
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