Should-Read: Alberto Alesina, Stefanie Stantcheva, Edoardo Teso: Intergenerational mobility and preferences for redistribution

Should-Read: Alberto Alesina, Stefanie Stantcheva, Edoardo Teso: Intergenerational mobility and preferences for redistribution: “Americans are generally thought to view the economic system as fair and see wealth as a reward for ability and effort… http://voxeu.org/article/intergenerational-mobility-and-preferences-redistribution

…while Europeans tend to believe that the economic system is unfair, and that wealth is the result of circumstances. This column tests this using new evidence on beliefs about intergenerational mobility in four European countries and the US, and confirms that Europeans do indeed tend to be overly pessimistic about moving up the social ladder compared to reality, while Americans are overly optimistic. These perceptions have important implications for how redistribution and equal opportunity policies will be received…