But many poor/middle-class people also believe that they can never become rich (except for the lottery) because the only ways to become rich are crime, fraud, or inheritance. And this leads them to underestimate the value of hard work, education, and risk-taking.
The median rationalist will perform better than these cynics. But his average wealth will also be higher, assuming he accurately observes his chances at becoming succesful.
But many poor/middle-class people also believe that they can never become rich (except for the lottery) because the only ways to become rich are crime, fraud, or inheritance. And this leads them to underestimate the value of hard work, education, and risk-taking.
From what I can see, crime and fraud are harder get significant success with than ‘real’ work. Education and risk-taking are also rather vital.
But many poor/middle-class people also believe that they can never become rich (except for the lottery) because the only ways to become rich are crime, fraud, or inheritance. And this leads them to underestimate the value of hard work, education, and risk-taking.
The median rationalist will perform better than these cynics. But his average wealth will also be higher, assuming he accurately observes his chances at becoming succesful.
From what I can see, crime and fraud are harder get significant success with than ‘real’ work. Education and risk-taking are also rather vital.