space bike, wealth gives rise to a sense of entitlement and narcissistic behaviors

Spacelander Bicycle

Spacelander Bicycle. Designed by Benjamin Bowden for a 1946 exhibition of British industrial design. While this great postwar example of streamline futuristic design was a critical success at the exhibition, Bowden had a difficult time finding a manufacturer who would put it into production. By the time it found a manufacturer in the U.S. in 1960, much of the public’s taste in this kind of style had changed. Only around 500 were sold. Though now it is was of the most highly valued old bicycles on the market.

Study finds wealth gives rise to a sense of entitlement and narcissistic behaviors

According to a new study published in Personality and Social Psychology Bulletin this month, wealth tends to increase a person’s sense of entitlement, which in turn can lead to narcissistic behaviors.

Paul Piff of the University of California at Berkeley told PsyPost “there is something about wealth that gives rise to a sense of entitlement, a sense that one deserves more good things in life than others, which in turn gives rise to an increased or inflated sense of self-importance, vanity, grandiosity, and omnipotence (narcissism).”

“Narcissism is a multi-faceted and complex construct, but that wealth is specifically associated with it suggests that as a person’s level of privilege rises, that person becomes increasingly self-focused – in a sense, becoming the center of their own world and worldview,” he explained.

“The studies in the paper measure narcissism in a whole host of ways, including measuring how likely someone is to stare at their reflection in a mirror (wealthier people do that more often). Even students who come from wealth, but have done little to create their own wealth (yet), report more entitlement. This suggests that wealth shapes an ideology of self-interest and entitlement that’s transferred culturally from one generation to the next.”

This is obviously not always the case, some people with wealth turn out to be great humanitarians. For those people the Spiderman message about great powers  being coupled with great responsibility does sink in with some people. I’ve experienced this quite a bit. There is an attitude of entitlement over the phone or in person – do you know who I am – I want what I want, I want it now and I deserve it because I am a executive VP or a wealthy lawyer or banker. Very strange behavior, I don’t think I’ll ever get used to it.

beach walkway

beach walkway. I noticed this morning that the 6 am sunrises are gone and then along came the big yellow school buses. Summer will soon be gone.

This recent editorial is a good example of the culture of entitlement and narcissistic behavior that guides our economy, The Leveraged Buyout of America

According to legal scholar Saule Omarova, over the past five years, there has been a “quiet transformation of U.S. financial holding companies.” These financial services companies have become global merchants that seek to extract rent from any commercial or financial business activity within their reach.  They have used legal authority in Graham-Leach-Bliley to subvert the “foundational principle of separation of banking from commerce”. . . .

It seems like there is a significant macro-economic risk in having a massive entity like, say JP Morgan, both issuing credit cards and mortgages, managing municipal bond offerings, selling gasoline and electric power, running large oil tankers, trading derivatives, and owning and operating airports, in multiple countries.

A “macro” risk indeed – not just to our economy but to our democracy and our individual and national sovereignty. Giant banks are buying up our country’s infrastructure – the power and supply chains that are vital to the economy.

These assets – airports, toll roads, and ports; control power plants; and store and hoard vast quantities of commodities of all sorts – are being packaged as investment instruments, a bet on their future value, much like the collateralized debt obligations that contributed so much to the Great Recession of 2007. And their are doing it with your money, your deposits – the excess of deposits over loans – as collateral for borrowing. Once again making bets that they cannot pay, if like the housing market, values should go down.

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