Are Capitalists Happier?

Authors

Ronald D. Rotunda, Chapman UniversityFollow
Vernon L. Smith, Chapman UniversityFollow
Bart J. Wilson, Chapman UniversityFollow

Document Type

Article

Publication Date

8-12-2011

Abstract

The authors explore whether socialism or capitalism work better in the long run by using laboratory experiments. They set up an anonymous computer simulation where users could specialize in the production of one or two goods, and observed the interactions between players who chose to respect private property, cooperate, and trade goods to build their wealth, and those who relied on themselves or thievery to make their way. The chat sessions between the players indicated that the capitalists, or those who respected private property, were happier.

Comments

This article was originally published in Reuters on August 12, 2011.

Recommended Citation

Rotunda, Ronald, Vernon L. Smith, and Bart Wilson. “Are Capitalists Happier?” Reuters. 12 Aug. 2011. Web.

Copyright

Reuters