Beyond selfishness: the interaction of income and human values in shaping Europeans’ ideology

Fernando Bruna

MPRA Paper from University Library of Munich, Germany

Abstract: The left-right scale of political orientation plays a pivotal role in shaping individual behaviour and government policies, particularly in Western countries. Rational-choice theory suggests that individuals with lower (higher) incomes lean towards left-wing (right-wing) redistributive policies. Empirical evidence has, however, challenged this classical view. Building on cognitive dissonance theory, neuroeconomics, and social psychology, this paper provides a more comprehensive view of ideology formation based on how individuals balance selfishness with other human motivations. The paper uses data from the European Social Survey and Schwartz’s scale of human values to estimate models of individuals’ political orientation, considering the potential endogeneity of income. The results show that relative income and the social values of Conservation and Self-Transcendence strongly affect ideology. Low-income individuals prioritize self-interest, however, while also preserving other motivations. This framework helps to explain heterogeneity in political preferences, as well as communication discourses and policies designed to fit different citizens’ profiles.

Keywords: political orientation; preferences; self-interest; redistribution; neuroeconomics; occupational class (search for similar items in EconPapers)
JEL-codes: A13 D72 D91 Z13 (search for similar items in EconPapers)
Date: 2024-03-25
New Economics Papers: this item is included in nep-eur and nep-pol
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