Confidence in the economy in times of crisis: Social representations of experts and laypeople
AbstractThis study investigates experts’ and laypeople's social representations of the financial and economic crisis, as widely discussed in the media after the fall of Lehman Brothers in 2008. Financial experts (n=156) and laypeople (n=153) with low versus high confidence in the economic recovery spontaneously associated thoughts and beliefs about the crisis and to economic and political stakeholders. Following a mixed-methods approach, they evaluated economic stakeholders with regard to six trust items. The study was conducted in March 2010 in Austria, which was moderately affected by the crisis. The results indicate that economic variables (e.g., unemployment) were central to the social representations of the crisis, while underlying feelings of unfairness and egoism surfaced during the ongoing process of association. The social representation did not comprise a general criticism of the economic system. The differences between the subgroups depended on identification-based self-protection and economic knowledge. Experts and laypeople tended to attribute the economic crisis to specific stakeholders in a self-protecting way: experts blamed the media, laypeople blamed the managers, and both blamed the politicians. Interestingly, the subgroups tended to evaluate the banks as being relatively neutral. Expertise and differentiated economic knowledge was related to confidence in the economic recovery. Thus, the perceived capability of politicians in terms of competence and morality seems crucial for regaining public confidence in the economy.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).
Volume (Year): 41 (2012)
Issue (Month): 5 ()
Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/620175
Social representations; Financial crisis; Economic crisis; Confidence; Trust;
Find related papers by JEL classification:
- G01 - Financial Economics - - General - - - Financial Crises
- Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Social and Economic Stratification
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- S. Illeris & G. Akehurst, 2001. "Introduction," The Service Industries Journal, Taylor & Francis Journals, vol. 21(1), pages 1-4, January.
- George A. Akerlof & Rachel E. Kranton, 2000. "Economics And Identity," The Quarterly Journal of Economics, MIT Press, vol. 115(3), pages 715-753, August.
- Leiser, David & Bourgeois-Gironde, Sacha & Benita, Rinat, 2010. "Human foibles or systemic failure--Lay perceptions of the 2008-2009 financial crisis," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(2), pages 132-141, April.
- Haferkamp, Alexandra & Fetchenhauer, Detlef & Belschak, Frank & Enste, Dominik, 2009. "Efficiency versus fairness: The evaluation of labor market policies by economists and laypeople," Journal of Economic Psychology, Elsevier, vol. 30(4), pages 527-539, August.
- Roland-Lévy, Christine & Pappalardo Boumelki, Fatima-Ezzahra & Guillet, Emilie, 2010. "Representation of the financial crisis: Effect on social representations of savings and credit," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(2), pages 142-149, April.
- Oleg Nenadic & Michael Greenacre, . "Correspondence Analysis in R, with Two- and Three-dimensional Graphics: The ca Package," Journal of Statistical Software, American Statistical Association, vol. 20(i03).
- Leiser, David & Drori, Shelly, 2005. "NaIve understanding of inflation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 34(2), pages 179-198, March.
- repec:fip:feddbe:10 is not listed on IDEAS
- Wahl, Ingrid & Pollai, Maria & Kirchler, Erich, 2013. "Status, identification and in-group favouritism of the unemployed compared to other social categories," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 43(C), pages 37-43.
- Lotz, Sebastian & Fix, Andrea R., 2013. "Not all financial speculation is treated equally: Laypeople’s moral judgments about speculative short selling," Journal of Economic Psychology, Elsevier, vol. 37(C), pages 34-41.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.